Transactions, market orders and limit orders are three major factors which affect a specialist's information set and her inventory position. In modeling a specialist's quote updating process, before any exclusion of any of these factors, one should first address the fundamental question of their...

We examine the intertemporal optimal consumption and investment problem in a continuous-time economy with a divisible durable good. Consumption services are assumed to be proportional to the stock of the good held and adjustment of the stock is costly, in that it involves the payment of a...

Environmental concerns lead industries to implement gasified biomass (syngas) as a promising fuel in steel reheating furnaces. The impurities of syngas as well as a combination with iron oxide scale form complex mixtures with low melting points, and might cause corrosion on steel slabs. In this...

Greenhouse gas reduction and energy consumption are becoming two important issues in both industrialized and developing countries, and policy makers are developing means to reduce total domestic energy use. We evaluate and compare the direct and the indirect energy consumption both in the...