Profit maximization and cost balancing in queueing systems

Patent law--balancing profit maximization and public access to technology.

This article addresses the contemporary issue of balancing the need for patent protection for intellectual property with the resulting restriction of public access to new technology. The author argues that patent law protects private property rights rather than creating monopolies. Additionally, the author discusses how restricting access to patented technology, such as pharmaceuticals, can aff...

Relative Profit Maximization and Bertrand Equilibrium with Convex Cost Functions

This study derives pure strategy Bertrand equilibria in a duopoly in which two firms produce a homogeneous good with convex cost functions and seek to maximize the weighted sum of their absolute and relative profits. The study shows that there exists a range of equilibrium prices in duopolistic equilibria. This range of equilibrium prices is narrower and lower than the range of equilibrium pric...

A POMDP Framework to Find Optimal Inspection and Maintenance Policies via Availability and Profit Maximization for Manufacturing Systems

Maintenance can be the factor of either increasing or decreasing system's availability, so it is valuable work to evaluate a maintenance policy from cost and availability point of view, simultaneously and according to decision maker's priorities. This study proposes a Partially Observable Markov Decision Process (POMDP) framework for a partially observable and stochastically deteriorating syste...

Customer Selection and Profit Maximization

Profit Maximization and Supermodular Technology

A dataset is a list of observed factor inputs and prices for a technology; profits and production levels are unobserved. We obtain necessary and sufficient conditions for a dataset to be consistent with profit maximization under a monotone and concave revenue based on the notion of cyclic monotonicity. Our result implies that monotonicity and concavity cannot be tested, and that one cannot deci...