Models involving human decision-makers often include idealized assumptions, such as rationality, perfect foresight, and access to relevant information. These assumptions usually assure the models' internal validity but, at the same time, might limit the models' power to explain empirical...

This paper compares for production control policies in terms of their robustness against random disturbance such as machine failures and demand fluctuations. A simulation model based on a VLSI wafer fabrication facility is used to test the performance of the policies. Several criteria including...

In the original formulation, the Business Model framework is meant to explain the business logic of private firms. Adapting this framework to public investment projects requires melting the business logic with the public interests involved in such projects. This paper meets this requirement, and...

The policy for logistic service appears to be part of the overall organizational policy for customer service, but it is particularly meant for logistic activities accomplishment according to customers' requirements. The present report studies the various levels of logistic service's influence on...

Mean reversion, stochastic volatility, convenience yield and presence of jump clustering are well documented salient features of commodity markets, where Asian options are very popular. We propose a model which takes into account all these stylized features. We first state our model under the...

This part is devoted to simulation experiments based on the simulation model developed in part I from the value-theoretic reconstruction of the main parts of Marx’s critique of Political Economy. After introducing the main parameters and the range of their variation (Section 1), a singular run...

The background for the present elaboration is twofold: firstly, the ongoing debate about whether the Marxian theory of value has been damaged (or even destroyed) by the alleged impossibility of solving the ‘transformation problem’ and secondly, the fact that almost all of the (later)...

paper analyzes the impact of model complexity on the valuation of project financed investments along two dimensions: The NPV distribution and the expected default probability of the project. Model complexity is separated in forecast and simulation complexity. Thereby, we aim to identify elements...

Recent literature shows that learning in oligopoly games might in the long run result in the Cournot or in the Walras equilibrium. Which outcome is achieved seems to depend on the underlying learning dynamics. This paper analyzes the forces behind the learning mechanisms determining the long run...

In this paper we model how the existence of different beliefs about the underlying fundamental value of a currency affects the dynamics of the exchange rate. We find that a divergence of beliefs creates the potential for waves of optimism and pessimism that alternate in an unpredictable way....