A duality property is established between scheduling and routing problems associated with a set of parallel queues. This allows one to determine the optimal policy for either system, once it is determined for its dual system. Moreover, the evaluation of diierent design alternatives (e.g., allocation of buuers) can also be accommodated in the same duality framework. The limitations and the cruci...

A segmented markets model of monetary policy is constructed, in which a novel feature is goods market segmentation, and its relationship to conventional asset market segmentation. The implications of the model for the response of prices, interest rates, consumption, labor supply, and output to monetary policy are determined. As well, optimal monetary policy is studied, as are the costs of infla...

We will consider a sequential stochastic assignment problem where the number of jobs is not known beforehand. Unlike the well known sequential stochastic assignment problem, since the number of jobs is unknown, a policy of the decision-maker depends not only on the size of each job, but also on information about the number of remaining jobs. The optimal policy and the total expected reward unde...

background: several reservoir systems have been constructed for hydropower generation around the world. hydropower offers an economical source of electricity with reduce carbon emissions. therefore, it is such a clean and renewable source of energy. reservoirs that generate hydropower are typically operated with the goal of maximizing energy revenue. yet, reservoir systems are inefficiently ope...

This paper develops an infinite horizon model of public spending and taxation in which policy decisions are determined by legislative bargaining. The policy space incorporates both productive and distributive public spending and distortionary taxation. The productive spending is investing in a public good that benefits all citizens (e.g., national defense or air quality) and the distributive sp...

In this paper, we estimate two small, forward-looking, macroeconomic models for the US and Germany and we compare the implied optimal monetary policy rules. Both models have a standard structure: an I-S curve, a Phillips curve, a short term interest-rate rule and a long term interest rate determined by the Expectations Hypothesis. They are intended to fit the data while allowing for some forwar...

Abstrmt-A single server is assigned to M parallel queues with independent Poisson arrivals. Service times are constant, but the server has the opportunity to initiate service at a given queue only at times forming a Poisson process. Four related scheduling policies are investigated. a) A simple first-come, first-serve policy for which the stability region is determined, b) A policy with maximum...