This paper develops a general equilibrium model of international trade that features selection across firms, products and countries. Firms’export decisions depend on a combination of firm “productivity” and firm-product-country “consumer tastes”, both of which are stochastic and unknown prior to the payment of a sunk cost of entry. Trade liberalization induces endogenous reallocations of resour...

A decision support system is formulated for a multi-product biorefinery. A structured approach is used for feed, product, and technology selection and capacity design. Uncertainty in ethanol prices is modeled using real-options analysis. The results show prefernece for an incremental capacity design over economies of scale, and selection of a higher costing flexible production platform that can...

With information revolution, increased globalization and competition, supply chain has become longer and more complicated than ever before. These developments bring supply chain management to the forefront of the management’s attention. Inventories are very important in a supply chain. The total investment in inventories is enormous, and the management of inventory is crucial to avoid shortages...