Luxury bequests impart systematic effects of age to an investor's optimal allocation: the expected percentage allocation to equities rises throughout retirement. When bequests are luxuries the marginal utility of bequests declines more slowly than the marginal utility of consumption. This is...

Retrofitting existing power plants for CO2 capture poses numerous constraints. The layout of the original process and the structure of the existing equipment cause various special problems in the design process as well as influence system performance. In view of these, this paper carries out...

The forecasting of the volatility of asset returns is a prerequisite for many risk management tasks in finance. The objective here is to identify the volatility scenarios that favour either Generalized Autoregressive Conditional Heteroscedasticity (GARCH) or Stochastic Volatility (SV) models....

Consider an N stage serial production line where the processing times of orders may be random. Since the carrying costs increase from stage to stage, the standard production procedure, that is, to determine a total leadtime for the entire order by taking an appropriate percentile of the...

This paper considers the problem of test design and implementation when testing is imperfect. Items that are classified as conforming may be nonconforming, resulting in a poor outgoing quality level. Items that are classified as nonconforming may be conforming, resulting in excessive scrapping...

This book provides a comprehensive appraisal of social security in Japan, where traditionally the burden of welfare provision has been the main responsibility of the family and employers, rather than the state. However, an ageing population, changes in family structure and continued recession...

Using an optimizing financial planning model in the tradition of Merton and Richard we explore how individuals should determine their life insurance and annuity choices, given uncertainty about investment returns and mortality. Both consumption and bequests appear as arguments in the...