Stock exchanges are modeled as nonlinear closed-loop systems where the plant dynamics is defined by known stock market regulations and the actions of agents are based on their beliefs and behavior. The decision of the agents may contain a random element, thus we get a nonlinear stochastic...

Reliability-based structural optimization methods use mostly the following basic design criteria: I) Minimum weight (volume or costs) and II) high strength of the structure. Since several parameters of the structure, e.g. material parameters, loads, manufacturing errors, are not given, fixed...

We consider the problem of optimally allocating the seats on a single flight leg to the demands from multiple fare classes that arrive sequentially. It is well-known that the optimal policy for this problem is characterized by a set of protection levels. In this paper, we develop a new...

Models for decision-making under uncertainty use probability distributions to represent variables whose values are unknown when the decisions are to be made. Often the distributions are estimated with observed data. Sometimes these variables depend on the decisions but the dependence is ignored...