The design of systems, or agents, situated in dynamic environments is of considerable practical and theoretical importance. In this paper, we describe experiments examining the e cacy of static sensing policies when the time cost of processing sensor information is signi cant. Extending the Tileworld experiments performed earlier by Kinny and George , we demonstrate that several expected featur...

We consider a stochastic control model in which an economic unit has productive capital and also liabilities in the form of debt. The worth of capital changes over time through investment, and also through random Brownian fluctuations in the unit price of capital. Income from production is also subject to random Brownian fluctuations. The goal is to choose investment and consumption controls wh...

The objective of this paper is to present a special application field of optimal control and differential game theories which is of interest to management scientists. After introducing the Vidale-Wolfe’s and NerloveArrow’s dynamic models for advertising processes, I will focus on a few exemplary problems. At a first investigation level, we find some optimal control problems, then the more inter...

We review the optimality of partial insurance contracts in the presence of moral hazard when consumers are affected by probability weighting. In valuing risky prospects individuals commonly overweight extreme outcomes at the expense of intermediate outcomes; these deviations systematically bias the ex-ante value of insurance. We characterize optimal contracts for the case of perfectly competiti...

One of the most remarkable developments in marketing is the amount of interest shown in market segmentation and an important strategy in modern marketing as it provides an insight into the target pricing and advertising policies for technological products. Developers of technological products keep introducing successive generations of product based on latest technology, either to continue to be...

T here is always uncertainty about the soundness of an economic model’s structure and parameters. Therefore, central banks normally face with uncertainty about the key economic explanatory relationships. So, policymaker should take into account the uncertainty in formulating monetary policies. The present study is aimed to examine robust optimal monetary policy under uncertainty, by ...

Management of a buuerless resource is considered under non-homogeneous demand consisting of one-unit and two-unit requests. Two-unit requests can be served only by a given partition of the resource. Three simple admission policies are evaluated with regard to revenue generation. One policy involves no admission control and two policies involve trunk reservation. A limiting regime in which deman...

This paper is concerned with the stability of a class of robust and constrained optimal control laws for linear discrete-time systems subject to bounded state disturbances and arbitrary convex constraints on the states and inputs. The paper considers the class of feedback control policies parameterized as affine functions of the system state, calculation of which has recently been shown to be t...

A central question in drug policy is how control efforts should be divided among enforcement, treatment, and prevention. Of particular interest is how the mix should vary dynamically over the course of an epidemic. Recent work considered how various pairs of these interventions interact. This paper considers all three simultaneously in a dynamic optimal control framework, yielding some surprisi...

We offer a new perspective on games of irreversible investment under uncertainty in continuous time. The basis is a particular approach to solve the involved stochastic optimal control problems which allows to establish existence and uniqueness of an oligopolistic open loop equilibrium in a very general framework without reliance on any Markovian property. It simultaneously induces quite natura...