OPTIMAL COMMODITY STOCK-PILING RULES

Optimal Run Time for EMQ Model with Backordering, Failure-In- Rework and Breakdown Happening in Stock-Piling Time

This study examines the optimal run time for the economic manufacturing quantity (EMQ) model with failure-in-work, backlogging, and random breakdown happening in stock-piling time. A recent article by Chiu and Chiu [Mathematical modeling for production system with backlogging and failure in repair, Journal of Scientific & Industrial Research, 65 (2006) 499-506] investigated optimal lot-size for...

Economic Production Quantity Model with Backordering, Rework and Machine Failure Taking Place in Stock Piling Time

This paper investigates the optimal inventory replenishment policy for an economic production quantity (EPQ) model with backordering, rework and machine breakdown taking place in stock piling time. A prior paper by Chiu has examined the lot-sizing problem on an imperfect quality EPQ model. Due to another reliability factor random machine breakdown seems to be inevitable in most real world manuf...

A New Approach to Optimal Commodity Taxation

This paper makes a fresh attempt at characterizing optimal commodity taxes. Under the usual assumptions, an extremely simple expression of second-best commodity taxes is derived, showing tax rates as functions of observable variables only, rather than as functions of unobservable variables such as compensated cross elasticities. The main formula is independent of special preferences, and indepe...

Optimal portfolios in commodity futures markets

We consider portfolio optimization in futures markets. We model the entire futures price curve at once as a solution of a stochastic partial differential equation. The agents objective is to maximize her utility from the final wealth when investing in futures contracts. We study a class of futures price curve models which admit a finite-dimensional realization. Using this, we recast the portfol...

Optimal commodity taxation for reduction of envy