This paper presents an easy-to-use method for updating input-output (IO) matrices with sign-preservation by combining Lagrangian multipliers and penalty functions. Biproportional methods such as the representative RAS are very simple and popular because a target matrix can be obtained simply by...

The selection of optimal portfolios is the central problem of financial investment decisions. Mathematically speaking, portfolio selection refers to the formulation of an objective function that determines the weights of the portfolio invested in each asset as to maximize return and minimize...

: The concept of rethinking, reorganizing or reengineering dysfunctional business processes has been approached from many aspects both by professionals and academic researchers. However, service processes do not get as much attention as their importance would deserve. One reason can be the usage...

This paper provides a derivation, justification, and application of a generalised return on investment (ROI) objective function of a design-and-manufacturing or 'high-tech' industrial firm. Based on analysis originally presented in Steele (1995), it offers a more expansive literature review and...

This paper develops a contest model of a professional sports league in which clubs maximize a weighted sum of profits and wins (utility maximization). The model analyzes how more win-oriented behavior of certain clubs affects talent investments, competitive balance and club profits. Moreover, in...

Multi-criteria or multi-objective decision-making is becoming increasingly popular as a decision support tool for natural resource management.Stakeholders as well as the planners can be involved in the decision making process, using this approach. This article deals with the use of...

This study is arguing that management would benefit in pricing decision from simple rules of thumb more than from complicated models. These rules are easy to use and they provide management with useful support to move towards optimisation and to diminish gap between theory and practice. This...

This paper develops a contest model of a professional sports league in which clubs maximize a weighted sum of profits and wins (utility maximization). The model analyzes how more win-oriented behavior of certain clubs affects talent investments, competitive balance and club profits. Moreover, in...

This study is arguing that management would benefit in pricing decision from simple rules of thumb more than from complicated models. These rules are easy to use and they provide management with useful support to move towards optimisation and to diminish gap between theory and practice. This...