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...

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....

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...