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This paper develops a set of simplified dynamical models with which to explore the conditions under which division of labor leads to optimized system output, as measured by the rate of production of a given product. We consider two models:…
Research on promoting cooperation among autonomous, self-regarding agents has often focused on the bi-objective optimisation problem: minimising the total incentive cost while maximising the frequency of cooperation. However, the optimal…
Urbanization enables economic growth but also harms the environment through degradation. Traditional methods of detecting environmental issues have proven inefficient. Machine learning has emerged as a promising tool for tracking…
As global attention on renewable and clean energy grows, the research and implementation of microgrids become paramount. This paper delves into the methodology of exploring the relationship between the operational and environmental costs of…
When implementing an investment projects a problem of production facilities location with taking into account the environmental pollution arises. A mathematical model of the industrial enterprises location in the region is formalized and…
Optimal investment strategies of an individual worker during the accumulation phase in the defined contribution pension scheme have been well studied in the literature. Most of them adopted the classical backward model and approach, but any…
Almost every public pension system shares two attributes: earning deductions to finance benefits, and benefits that depend on earnings. This paper analyzes theoretically and empirically the trade-off between social insurance and incentive…
Industrial operations have grown exponentially over the last century, driving advancements in energy utilization through vehicles and machinery.This growth has significant environmental implications, necessitating the use of sophisticated…
A continuous variable changing between 0 and 1 is introduced to characterise contentment, or satisfaction with life, of an individual and an equation governing its evolution is postulated from analysis of several factors likely to affect…
In this paper we propose and solve a real options model for the optimal adoption of an electric vehicle. A policymaker promotes the abeyance of fossil-fueled vehicles through an incentive, and the representative fossil-fueled vehicle's…
A system of renewal equations on a graph provides a framework to describe the exploitation of a biological resource. In this context, we formulate an optimal control problem, prove the existence of an optimal control and ensure that the…
With companies, states, and countries targeting net-zero emissions around midcentury, there are questions about how these targets alter household welfare and finances, including distributional effects across income groups. This paper…
Traffic congestion is one of the major challenges faced by the transportation industry. While this problem carries a high economical and environmental cost, the need for an efficient design of optimal paths for passengers in multilayer…
In a prior study, I introduced a simple economic growth model designed to be consistent with general thermodynamic laws. Unlike traditional economic models, civilization is viewed only as a well-mixed global whole with no distinction made…
Economic complexity has been linked to sustainability outcomes, such as income inequality and greenhouse gas emissions. Yet, it is unclear whether the pursuit of complex and/or related activities naturally aligns with these outcomes, or…
We study optimal two-sector (vegetative and reproductive) allocation models of annual plants in temporally variable environments, that incorporate effects of density dependent lifetime variability and juvenile mortality in a fitness…
A well-known feature of overlapping generations economies is that the First Welfare Theorem fails and equilibrium may be inefficient. The Cass (1972) criterion furnishes a necessary and sufficient condition for efficiency, but it does not…
The first part of this paper contains a brief introduction to conservation law models of traffic flow on a network of roads. Globally optimal solutions and Nash equilibrium solutions are reviewed, with several groups of drivers sharing…
This paper develops a framework for assessing the welfare effects of labor income tax changes on married couples. I build a static model of couples' labor supply that features both intensive and extensive margins and derive a tractable…
I introduce a new way of decomposing the evolution of the wealth distribution using a simple continuous time stochastic model, which separates the effects of mobility, savings, labor income, rates of return, demography, inheritance, and…