The paper develops a version of Pontryagin's maximum principle for optimal control problems with monotonicity constraints on control variables. Whereas the literature handles such constraints by imposing an assumption of piecewise smoothness on the control variable and treating the slope of this...

Purpose: To demonstrate a simple mathematical model for evaluating operational decisions for preparing compounded sterile products in a hospital pharmacy.Summary: This paper describes a simple mathematical model, based on a small set of parameters easily estimated from existing data. This model...

Algorithms play an increasingly important role in economic situations. Often these situations are strategic, where the artificial intelligence may or may not be cooperative. We study the determinants and forms of algorithmic cooperation in the infinitely repeated prisoner's dilemma. We run a...

This paper contains two results. The first result says that given any efficient non-monetary allocation there is a balanced vector of transfers so that the resulting allocation is fair. The second result says that given any efficient non-monetary allocation there is a pricing function defined on...

We study the problem of how to allocate a set of indivisible objects like jobs or houses and an amount of money among a group of people as fairly and as efficiently as possible. A particular constraint for such an allocation is that every person should be assigned with the same number of objects...