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We study the problem of using information about the type of machine failures to control production. When each station in a two stage flowline has a single machine, the processing time distributions are Erlang, and the time to fail as well repair a machine are exponentially distributed; we show...
Persistent link: https://www.econbiz.de/10010847570
We study the impact of financial innovations on real investment decisions within the framework of an incomplete market economy comprised of firms, investors, and an intermediary. The firms face unique investment opportunities that arise in their business operations and can be undertaken at given...
Persistent link: https://www.econbiz.de/10010990477
We study the problem of using information about the type of machine failures to control production. When each station in a two stage flowline has a single machine, the processing time distributions are Erlang, and the time to fail as well repair a machine are exponentially distributed; we show...
Persistent link: https://www.econbiz.de/10010950000
Persistent link: https://www.econbiz.de/10005240476
In this paper we study how the time-series structure of the demand process affects the value of information sharing in a supply chain. We consider a two-stage supply chain model in which a retailer serves autoregressive moving-average (ARMA) demand and a manufacturer fills the retailer's orders....
Persistent link: https://www.econbiz.de/10009203813
Time is one of the more salient constraints on managerial behavior. This constraint may be very taxing in high-velocity environments where managers have to attend to many tasks simultaneously. Earlier work by Radner (1976) proposed models based on notions of the thermostat or "putting out fires"...
Persistent link: https://www.econbiz.de/10009214611
We consider a single-period inventory model in which a risk-averse retailer faces uncertain customer demand and makes a purchasing-order-quantity and a selling-price decision with the objective of maximizing expected utility. This problem is similar to the classic newsvendor problem, except: (a)...
Persistent link: https://www.econbiz.de/10009218507
We address the problem of hedging inventory risk for a short life cycle or seasonal item when its demand is correlated with the price of a financial asset. We show how to construct optimal hedging transactions that minimize the variance of profit and increase the expected utility for a...
Persistent link: https://www.econbiz.de/10009218551
This paper employs sample path arguments to derive the following convexity properties and comparative statics for an M/M/S queue with impatient customers. If the rate at which customers balk and renege is an increasing, concave function of the number of customers in the system (head count), then...
Persistent link: https://www.econbiz.de/10009218701
There are different perspectives on the study of knowledge in organizations, developed in economics, sociology, anthropology and organization theory. Several authors followed Schumpeter's idea that innovations are new combinations of existing knowledge and incremental learning. Kogut and Zander...
Persistent link: https://www.econbiz.de/10005568653