Related papers: A note on the Cobb-Douglas function
We consider a general problem of the calculus of variations on time scales with a cost functional that is the composition of a certain scalar function with delta and nabla integrals of a vector valued field. Euler-Lagrange delta-nabla…
In this paper, we derive a number of inequalities which express power-efficiency trade-offs that hold generally for thermodynamic machines operating in non-equilibrium stationary states. One of these inequalities concerns the output power,…
More than thirty years ago, Charnes, Cooper and Schinnar (1976) established an enlightening contact between economic production functions (EPFs) -- a cornerstone of neoclassical economics -- and information theory, showing how a…
In this paper, we completely classify homogeneous production functions with an arbitrary number of inputs whose production hypersurfaces are flat. As an immediate consequence, we obtain a complete classification of homogeneous production…
We address the question of the growth of firm size. To this end, we analyze the Compustat data base comprising all publicly-traded United States manufacturing firms within the years 1974-1993. We find that the distribution of firm sizes…
In a random model of minimum cost bipartite matching based on exponentially distributed edge costs, we show that the distribution of the cost of the optimal solution can be computed efficiently. The distribution is represented by its moment…
In this paper, we study backward doubly stochastic recursive optimal control problem where the cost function is described by the solution of a backward doubly stochastic differential equation. We give the dynamical programming principle for…
We consider a risk-sensitive optimization of consumption-utility on infinite time horizon where the one-period investment gain depends on an underlying economic state whose evolution over time is assumed to be described by a discrete-time,…
We consider a singular control problem with regime switching that arises in problems of optimal investment decisions of cash-constrained firms. The value function is proved to be the unique viscosity solution of the associated…
Given a smooth foliation by complex curves (locally around a point $x\in\mathbb{C}^2\setminus\{0\}$) which is "compatible" with the foliation by spheres centered at the origin, we construct a smooth real-valued function $g$ in a…
Existence and stability properties are studied for Hawkes process, i.e. point process $S$ that has long-memory and intensity $r(t)=\lambda \big(g_0(t)+ \sum_{\tau<t, \tau \in S} h(t-\tau) \big)$. The approach to Hawkes process presented in…
This paper presents a systematic study of coproducts. This is carried out principally, but not exclusively, for finitely generated quasivarieties A that admit a (term) reduct in the variety D of bounded distributive lattices. In this…
The Douglas-Rachford algorithm is a very popular splitting technique for finding a zero of the sum of two maximally monotone operators. However, the behaviour of the algorithm remains mysterious in the general inconsistent case, i.e., when…
Taking as a hypothesis a form of the labour theory of value, and $without$ $assuming$ $equilibrium$, we derive an equation that yields the profit-rate $\pi$ as a function of time. For a mature economy, $\pi(t)$ reduces to the product of two…
We compare observed corporate cumulative default probabilities to those calculated using a stochastic model based on an extension of the work of Black and Cox and find that corporations default as if via diffusive dynamics. The model, based…
In the present paper, we consider a class of quadratic stochastic operators (q.s.o.) called $ b- $bistochastic q.s.o. We include several properties of $ b- $bistochastic q.s.o. and their dynamical behavior. One of the main findings in this…
This paper is a continuation of Ishitani and Kato (2015), in which we derived a continuous-time value function corresponding to an optimal execution problem with uncertain market impact as the limit of a discrete-time value function. Here,…
Submodular continuous functions are a category of (generally) non-convex/non-concave functions with a wide spectrum of applications. We characterize these functions and demonstrate that they can be maximized efficiently with approximation…
We prove that the smallest minimizer s(f) of a real convex function f is less than or equal to a real point x if and only if the right derivative of f at x is non-negative. Similarly, the largest minimizer t(f) is greater or equal to x if…
The theory of regular cost functions is a quantitative extension to the classical notion of regularity. A cost function associates to each input a non-negative integer value (or infinity), as opposed to languages which only associate to…