A good model of the relationship between the market demand and prices plays a fundamental role in much economic decision-making. However, many decision-making models use either incomplete demand functions which are defined only on a restricted domain, or functions that do not reflect market reality. In the first part of this paper, we explain our motivation behind a complete reasonable definiti...

This paper extends the work on habit formation of Pollak [Habit formation and dynamic demand functions. J. Polit. Econ. (197O)J and provides a critical counterexample to a conjecture of von Weizslcker [Notes on endogenous changes of tastes, J. Econ. Theory (1971)J concerning the existence of a “longrun utility function.” A linear specification of habit formation is applied to a general system o...

Today, companies need to make use of appropriate patterns such as supply chain management system to gain and preserve a position in competitive world-wide market. Supply chain is a large scaled network consists of suppliers, manufacturers, warehouses, retailers and final customers which are in coordination with each other in order to transform products from raw materials into finished goods wit...

In a structural time series regression model, binary variables have been used to quantify qualitative or categorical quantitative events such as politic and economic structural breaks, regions, age groups and etc. The use of the binary dummy variables is not reasonable because the effect of an event decreases (increases) gradually over time not at once. The simple and basic idea in this paper i...