Related papers: Value-Based Inventory Management
A market model in Stochastic Portfolio Theory is a finite system of strictly positive stochastic processes. Each process represents the capitalization of a certain stock. If at any time no stock dominates almost the entire market, which…
The valuation process that economic agents undergo for investments with uncertain payoff typically depends on their statistical views on possible future outcomes, their attitudes toward risk, and, of course, the payoff structure itself.…
We study multi-product inventory control problems where a manager makes sequential replenishment decisions based on partial historical information in order to minimize its cumulative losses. Our motivation is to consider general demands,…
Model-based reinforcement learning (MBRL) is a sample efficient technique to obtain control policies, yet unavoidable modeling errors often lead performance deterioration. The model in MBRL is often solely fitted to reconstruct dynamics,…
To succeed in a Big Data strategy, you have to arm yourself with a wide range of data skills and best practices. This strategy can result in an impressive asset that can streamline operational costs, reduce time to market, and enable the…
With the advancement of robotics, automation in various industries and processes has become widespread. This project aims to introduce library automation system, which addresses the fulfillment of the objectives of automatic retrieval of…
It is widely assumed that increases in economic productivity necessarily lead to economic growth. In this paper, it is shown that this is not always the case. An idealized model of an economy is presented in which a new technology allows…
Despite several scientific achievements in the last years, there are still a lot of IT projects that fail. Researchers found that one out of five IT-projects run out of time, budget or value. Major reasons for this failure are unexpected…
We consider an inventory system whose state is modeled by a L\'{e}vy process. There are two types of costs--the running costs and the inventory control costs. The running costs (also known as the holding/penalty costs) are incurred…
The paper considers the optimal control problem of inventory of a discrete product in regeneration scheme with a Poisson flow of customer requirements. In the system deferred demand is allowed, the volume of which is limited by a given…
When allocating indivisible items, there are various ways to use monetary transfers for eliminating envy. Particularly, one can apply a balanced vector of transfer payments, or charge each agent a positive amount, or -- contrarily -- give…
This paper presents a comprehensive overview of model validation practices and advancement in the banking industry based on the experience of managing Model Risk Management (MRM) since the inception of regulatory guidance SR11-7/OCC11-12…
The ability to develop or evolve software or software-based systems/services with defined and guaranteed quality in a predictable way is becoming increasingly important. Essential - though not exclusive - prerequisites for this are the…
We present a recommender system based on the Random Utility Model. Online shoppers are modeled as rational decision makers with limited information, and the recommendation task is formulated as the problem of optimally enriching the…
The research identifies association rules that can inform marketing strategies and enhance operational efficiency. A structured methodology is applied to extract and interpret meaningful relationships within transactional data, emphasizing…
We study the optimal control of storage which is used for arbitrage, i.e. for buying a commodity when it is cheap and selling it when it is expensive. Our particular concern is with the management of energy systems, although the results are…
Business Process Model and Notation (BPMN) provides a standard for the design of business processes. It focuses on bridging the gap between the analysis and the technical perspectives, and aims to deliver process automation. The aim of this…
We study market-to-book ratios of stocks in the context of Stochastic Portfolio Theory. Functionally generated portfolios that depend on auxiliary economic variables other than relative capitalizations ("sizes") are developed in two ways,…
A representation of economic activity in the form of a law of conservation of value is presented based on the definition of value as potential to act in an environment. This allows the encapsulation of the term as a conserved quantity…
A retention strategy based on an enlightened lapse model is a powerful profitabilitylever for a life insurer. Some machine learning models are excellent at predicting lapse,but from the insurer's perspective, predicting which policyholder…