The Wong-Viner Envelope Theorem on the equality of long-run and short-run marginal costs (LRMC and SRMC) is reformulated for convex but generally nondifferentiable cost functions. The marginal cost can be formalized as the multi-valued subdifferential a.k.a. the subgradient set but, in itself,...

In this paper we present an interpolation method from a surface or a data set by the optimization of a quadratic functional in a bicubic splines functional space. The existence and the uniqueness of the solution of this problem are shown and as well a convergence result of the method is...

The recovery of energy from exhaust gases using thermoelectric generators is of growing interest. The electrical loading of the thermoelectric system impacts the amount of energy that can be recovered. This paper presents a model for the theoretical limit of electrical power generation that...

Optimal rank-order tournaments have traditionally been studied using a first-order approach. The present analysis relies instead on the construction of an "upper envelope" over all incentive compatibility conditions. lt turns out that the first-order approach is not innocuous. For example, in...

Using quot;business cycle accounting,quot; Chari, Kehoe, and McGrattan (2006) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not promising avenues for modeling business cycle dynamics. There are two reasons that this conclusion is not...