We develop and implement methods for determining whether relaxing sparsity constraints on portfolios improves the investment opportunity set for risk-averse investors. We formulate a new estimation procedure for sparse second-order stochastic spanning based on a greedy algorithm and Linear...

This article examines the career of American economist Robert Dorfman (1916–2002), marked by pioneering work on linear programming in the 1950s, interdisciplinary research on water management in the 1960s, and contributions to environmental economics in the 1970s. It identifies his main...

This article examines the career of American economist Robert Dorfman (1916-2002), marked by pioneering work on linear programming in the 1950s, interdisciplinary research on water management in the 1960s, and contributions to environmental economics in the 1970s. It identifies his main...

Purpose: This paper studies the problem that occurs on material purchase quantity in price uncertainty situation. Larger buying quantity when the price at high will increase the purchase amount while smaller buying quantity could risk the inventory level. The decision on the purchase quantity of...