We characterise the subgame perfect equilibrium of a di¤erential market game with hyperbolic inverse demand where …rms are quantity-setters and accumulate capacity over time à la Ramsey. The related Hamilton-JacobiBellman are solved in closed form both on in…nite and on …nite horizon setups and the optimal strategies are determined. Then, we analyse the feasibility of horizontal mergers in both...

This paper analyzes the dynamic properties of portfolios that sustain Pareto optimal allocations. We consider an in…nite horizon stochastic endowment economy where the actual process of the states of nature consists in i.i.d draws from a common probability distribution. The economy is populated by many Bayesian agents with heterogeneous prior beliefs over the stochastic process of the states of...

This paper studies the interpretation of physics near a Schwarzschild black hole. A scenario for creation and growth is proposed that avoids the conundrum of information loss. In this picture the horizon recedes as it is approached and has no physical reality. Radiation is likely to occur, but it cannot be predicted.

We present a static solution for d = 2 critical string theory including the tachyon T but not its potential V (T ). This solution thus incorporates tachyon back reaction and, when T = 0, reduces to the black hole solution. When T 6= 0 one finds that (1) the Schwarzschild horizon of the above black hole splits into two, resembling Reissner-Nordstrom horizons and (2) the curvature scalar develops...

This paper completes the analysis of Choulli et al. [5] and contains two principal contributions. The first contribution consists in providing and analysing many practical examples of market models that admit classical arbitrages while they preserve the No Unbounded Profit with Bounded Risk (NUPBR hereafter) under random horizon and when an honest time is incorporated for particular cases of mo...

Given a static Schwarzschild spacetime of ADM mass M , it is wellknown that no ingoing causal geodesic starting in the outer domain r > 2M will cross the event horizon r = 2M in finite Schwarzschild time. In the present paper we show that in gravitational collapse of Vlasov matter this behaviour can be very different. We construct initial data for which a black hole forms and all matter crosses...

In this paper, we study the e$cacy of alternative process improvement strategies for a container-"lling production process. Three types of improvement actions to modify process parameters are considered: reducing the process setup cost, reducing the arrival rate of the out-of-control state, and reducing the process variance. It is assumed that these process parameters can be changed with a one-...

We analyze the structure of the Euler-Lagrange conditions of a lifted long-horizon optimal control problem. The analysis reveals that the conditions can be solved by using block Gauss-Seidel schemes and we prove that such schemes can be implemented by solving sequences of short-horizon problems. The analysis also reveals that a receding-horizon control scheme is equivalent to performing a singl...