In this paper, we discuss how to determine optimal retirement age using an optimal control theory. We establish a life cycle model and analyze the factors of consumption, leisure, saving, mortality and retirement behaviors simultaneously with an orthogonal–array experimental design. Our...

We study consumption behaviour in systems with heterogeneous interacting agents. Two different models are introduced, respectively with long and short range interactions among agents. At any time step an agent decides whether or not to consume a good, doing so if this provides positive utility....

This article uses a sequentialized experimental design to select simulation input combinations for global optimization, based on Kriging (also called Gaussian process or spatial correlation modeling); this Kriging is used to analyze the input/output data of the simulation model (computer code)....

The aim of this paper is to quantify the benefit of demand and inventory smoothing in contrasting the extreme volatility and impetuous alteration of the market produced by the current economic recession. To do so we model a traditional supply chain and we test five settings of order smoothing...

To analyze the input/output behavior of simulation models with multiple responses, we may apply either univariate or multivariate Kriging (Gaussian process) metamodels. In multivariate Kriging we face a major problem: the covariance matrix of all responses should remain positive-de nite; we...

Traditionally pull production systems are managed through classic control systems such as Kanban, Conwip, or Base stock, but this paper proposes 'customized' pull control. Customization means that a given production line is managed through a pull control system that in principle connects each...

This paper explores how a systemic evolutionary view, which argues that evolution is a knowledge generating process, and conceptually or mathematically related perspectives can contribute to an integrated perspective on the evolution of information organization by linking perspectives from...

This paper studies simulation-based optimization with multiple outputs. It assumes that the simulation model has one random objective function and must satisfy given constraints on the other random outputs. It presents a statistical procedure for testing whether a specific input combination...