Modelling complex systems such as multiple-use reservoirs can be challenging. A legitimate question for scientists and modellers is how best to model their management under uncertain rainfall. This paper studies whether it is worth using a stochastic model that requires more effort than a much...

We consider the optimal control of inequality under uncertainty, with a particular focus on income inequality. For an economy experiencing economic growth and random shocks, we show how a simple loss and `bequest' function may be combined to guide the expected level of inequality towards a...

Customer Relationship Management generally uses the value of customers to allocate marketing budget. But marketing interventions generally change the customer behavior, turning upside-down the customers ranking based on their initial valuations and making the budget allocation suboptimal....