Analyses the economic efficiency of innovation under different market conditions within the context of a formal model that represents competitive innovation as the closed loop solution of a dynamic stochastic game in the spirit of Reinganum’s analysis. Goes beyond Reingnaum’s model in its...

Purpose – To describe work by the Library and Information Statistics Unit (LISU) based at Loughborough University to support decision making by managers in academic information and library services in the UK in the realm of providing access to scholarly information through serials....

Commodity markets present several challenges for quantitative modeling. These include high volatilities, small sample data sets, and physical, operational complexity. In addition, the set of traded products in commodity markets is more limited than in financial or equity markets, making value...

Purpose – Automated body condition scoring (BCS) through extraction of information from digital images has been demonstrated to be feasible; and commercial technologies are being developed. The primary objective of this research was to identify the factors that influence the potential...

The use of a deterministic numeric paradigm in auditing and accounting may well be the root cause of many current problems. This paper argues that risk‐based accounting methods should start using probabilistic inputs which would show resultant distributions as output. “Stochastic...

Considers manufacturing systems with a failure‐prone machine and a stochastic demand. The production is controlled by a kanban scheme. Although the kanban ‐control enjoys many applications, in a stochastic setting, the problem of defining the optimal number of circulating kanban s remains...

In stochastic inventory management, when calculating the safety stock necessary to ensure a service level, use of the partial expectation function, which is tabulated in the normal demand case, is popular. Using these values, it is possible to calculate the safety stock necessary for the average...

Purpose – The purpose of this paper is to deal with the application of the stochastic inventory model to the three‐tier supply chain and verify the values obtained by mathematical model in physical simulation. Design/methodology/approach – The paper investigates three‐stage serial supply...

Purpose – To study stochastic volatility in the pricing of options. Design/methodology/approach – Random‐coefficient autoregressive and generalized autoregressive conditional heteroscedastic models are studied. The option‐pricing formula is viewed as a moment of a truncated normal...