We consider the problem of designing an optimal vessel schedule in the liner shipping route to minimize the total expected fuel consumption (and emissions) considering uncertain port times and frequency requirements on the liner schedule. The general optimal scheduling problem is formulated and...

Congestion in the air traffic system, both recurrent and non-recurrent, is typically handled by rationing access rights to individual resources such as airports or important parts of the airspace. Under the planning paradigm employed in the US, this rationing process occurs independently at each...

This paper explores some cooperative aspects of investments in uncertain, real options. Key production factors are assumed transferable. They may reflect property or user rights. Emission of pollutants and harvest of renewable resources are cases in point. Of particular interest are alternative...

This paper explores some cooperative aspects of investments in uncertain, real options. Key production factors are assumed transferable. They may reflect property or user rights. Emission of pollutants and harvest of renewable resources are cases in point. Of particular interest are alternative...

This paper shows that the standard transversality condition (STVC) is necessary for optimality for stochastic models with bounded or constant-relative-risk-aversion (CRRA) utility under fairly general conditions. We consider an infinite-horizon stochastic maximization problem that takes a...

This paper shows that the standard transversality condition (STVC) is nec-essary for optimality in stochastic models with bounded or constant-relative-risk- aversion (CRRA) utility under fairly general conditions. We consider an infinite-horizon stochastic maximization problem that takes a...

This paper explores some cooperative aspects of investments in uncertain, real options. Key production factors are assumed transferable. They may reflect property or user rights. Emission of pollutants and harvest of renewable resources are cases in point. Of particular interest are alternative...

This paper shows that the standard transversality condition (STVC) is necessary for optimality for stochastic models with constant-relative-risk-aversion (CRRA) utility under general conditions. We consider an infinite-horizon stochastic maximization problem that takes a general form of...