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Stochastic Production Planning with Production Constraints
This paper considers an infinite horizon stochastic production planning problem with the constraint that production rate must be nonnegative. It is shown that an optimal feedback solution exists forExpand
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Necessary and sufficient conditions for optimal control of quasilinear partial differential systems
AbstractFirst-order necessary and sufficient conditions are obtained for the following quasilinear distributed-parameter optimal control problem: $$max\left\{ {J(u) = \int_\Omega {F(x,u,t) d\omega +Expand
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Distributed Parameter Systems Approach to the Optimal Cattle Ranching Problem
This paper describes a maximum principle for distributed parameter systems, i.e. systems characterized by partial differential equations. The maximum principle is applied to solve the problem of aExpand
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An attempt to calibrate and validate a dynamic freeway model by using real data from Queen Elizabeth Way in Ontario, Canada, is described. The model used in this research is the one developed by H.Expand
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Innovators and imitators in innovation diffusion modelling
We examine the theoretical underpinnings of the Bass innovation diffusion model and show that, contrary to the present understanding in the literature, it does not describe the behavioural theory ofExpand
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Dynamics and optimization of a distributed sales-advertising model
A general sales-advertising model is developed in which the state of the system represents a population distribution over a parameter space. With appropriate interpretations, this can include income,Expand
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A Stochastic Extension of the Miller-Modigliani Framework
This paper deals with the problem of the financial valuation of a firm and its shares of stock with general financing policies in a partial equilibrium framework. the model assumes a time-dependentExpand
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Optimal exploration and consumption of a national resource-stochastic case
This paper is a continuation of an earlier deterministic version. We solve Arrow's resource model with resource reserves and unexplored area, 2Vertical Bar as state variables and consumption andExpand
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General Solution of the Price-Dividend Integral Equation
This paper reports some new closed-form formulas of financial valuation for a deterministic firm with general financing policies and a time-dependent discount rate. A model of the firm is describedExpand
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Clerking at the Supreme Court of Canada
This article takes an in-depth look at the law clerks and the role they play at the Supreme Court of Canada. Such an examination both informs prospective clerks on the nature of the position andExpand
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