Related papers: Optimal Population in a Finite Horizon
We introduce an extension to Merton's famous continuous time model of optimal consumption and investment, in the spirit of previous works by Pliska and Ye, to allow for a wage earner to have a random lifetime and to use a portion of the…
A phenomenological theory of growth of the population of humankind is proposed. The theory based on the assumption about a multifractal nature of the set of number of people in temporal axis and contains control parameters. In particular…
It is standard in computational social choice to analyse welfare considerations under the assumptions of normalized utilities. In this note, we summarize some common reasons for this approach. We then mention another justification which is…
Low total fertility rates throughout the world have lead to concerns about economic growth, military security, international political power, environment impacts, and quality of life. Overall total fertility rates of today's societies are…
This paper presents a workforce planning model scalable to an entire hierarchical organization. Its main objective is to design a cost optimal target which leverages flexible workforce solutions while ensuring an efficient promotional flux.…
Taking environmental tax rate as given, is there an optimal allocation of tax revenues to benefit economic variables? This paper analyzes this issue in an overlapping-generations model with the pollution-related health damage. It finds the…
We prove existence and uniqueness of solutions, continuous dependence from the initial datum and stability with respect to the boundary condition in a class of initial--boundary value problems for systems of balance laws. The particular…
We consider the problem of helping agents improve by setting short-term goals. Given a set of target skill levels, we assume each agent will try to improve from their initial skill level to the closest target level within reach or do…
Social choice is the theory about collective decision towards social welfare starting from individual opinions, preferences, interests or welfare. The field of Computational Social Welfare is somewhat recent and it is gaining impact in the…
We study a dynamic allocation problem in which $T$ sequentially arriving divisible resources are to be allocated to a number of agents with linear utilities. The marginal utilities of each resource to the agents are drawn stochastically…
We study the problem of a seller dynamically pricing $d$ distinct types of indivisible goods, when faced with the online arrival of unit-demand buyers drawn independently from an unknown distribution. The goods are not in limited supply,…
In this working paper, I developed a suite of macroeconomic models that shed light on the intricate relationship between economic development, health, and fertility. These innovative models conceptualize health as an intermediate good,…
In several socioeconomic-critical decision-making settings, such as fair resource allocation, climate policy, or AI alignment, multiple principals interact within a common arena. While it is well established that these principals may have…
We give a definitive treatment of duality for optimal consumption over the infinite horizon, in a semimartingale incomplete market satisfying no unbounded profit with bounded risk (NUPBR). Rather than base the dual domain on (local)…
We consider mean field social optimization in nonlinear diffusion models. By dynamic programming with a representative agent employing cooperative optimizer selection, we derive a new Hamilton--Jacobi--Bellman (HJB) equation to be called…
The manpower scheduling problem is a critical research field in the resource management area. Based on the existing studies on scheduling problem solutions, this paper transforms the manpower scheduling problem into a combinational…
The advantages of evolutionary algorithms with respect to traditional methods have been greatly discussed in the literature. While particle swarm optimizers share such advantages, they outperform evolutionary algorithms in that they require…
Existing studies on dynamic multi-objective optimization focus on problems with time-dependent objective functions, while the ones with a changing number of objectives have rarely been considered in the literature. Instead of changing the…
This paper studies the problem of maximizing the expected utility of terminal wealth for a financial agent with an unbounded random endowment, and with a utility function which supports both positive and negative wealth. We prove the…
The Random Utility Model (RUM) is the leading model to represent the aggregate choices of a heterogeneous population of preference maximizers. We show that if (and only if) preferences are sufficiently uncorrelated, RUM choices can also be…