A comment on the article by Peter C. B. Phillips in this volume. Copyright 2005 American Journal of Economics and Sociology, Inc..

This paper provides an empirical analysis of how the U.S. Social Security and Medicare system affects the labor supply of older males in the presence of incomplete markets. The authors estimate a dynamic programming model of the joint labor supply and Social Security acceptance decision. The...

My comments on the keynote paper by Michael Keane.

This paper introduces random versions of successive approximations and multigrid algorithms for computing approximate solutions to a class of finite and infinite horizon Markovian decision problems. The author proves that these algorithms succeed in breaking the 'curse of dimensionality' for a...

This paper provides an empirical analysis of how the U.S. Social Security and Medicare insurance system affect the labor supply of older males in the presence of incomplete markets for loans, annuities, and health insurance. Using data from the Retirement History Survey, we estimate a detailed...

This paper estimates a dynamic model of price discrimination and inventory investment under incomplete information. The model is motivated from an empirical analysis of operations of daily observations on inventories, sales, and purchases of over 2,300 individual products by a U.S. steel...

This paper studies the impact of the March 1979 Three Mile Island (TMI) accident on the regulation of nuclear power plants (NPPs) and its consequences for the operating behavior and profitability of the U.S. nuclear power industry. We treat the TMI accident as a ``natural experiment'' that...

This paper presents a dynamic programming (DP) model of optimal operation of a nuclear power plant (NPP). In each period the operator decides whether to run the reactor at a given capacity level, to shut it down for preventive maintenance or refueling, or permanently close the plant for...

This paper introduces random versions of successive approximations and multigrid algorithms for computing approximate solutions to a class of finite and infinite horizon Markovian decision problems (MDPs). We prove that these algorithms succeed in breaking the curse of dimensionality for a...