We analyze the investment decision of a firm that has an option to complete an investment project either in one lump or in two smaller parts at distinct points in time. The firm faces a trade-off between the cost savings that arise when the project is completed at once and the additional flexibility that arises when the firm is able to respond to resolving uncertainty by choosing optimal timing...

The transmission behaviour of interconnections in integrated circuits can be modelled accurately by lumped networks if the number of R(L)C sections is large enough. In practice these sections can be extracted from the layout, using a Finite Element or a Boundary Element Method. The number of sections obtained this way is very large, demanding a node reduction technique prior to simulation. This...

The development of scalable service models for integrated services networks is crucial for fostering interoperability and competition among multiple network service providers that support quality of service. A key scalability property of a service model is composability, which allows models for network elements in tandem to be lumped together into a composite model which is of the same type as ...

Water quality models combine fluid-flow relations with biological regressions, all on a spatially complex domain. For many applications, a computationally simple lumped parameter model with regressed parameters suffices, while for others where a more fundamental approach may be worth the extra development and computational effort. A simple example modelling the transport of salt in interconnect...

The present paper is an extension of Ghiglino and Shell [7] to the case of imperfect consumer credit markets. We show that with constraints on individual credit and only anonymous (i.e., non-personalized) lump-sum taxes, strong (or “global”) irrelevance of government budget deficits is not possible, and weak (or “local”) irrelevance can hold only in very special situations. This is in sharp con...

For general metric theories of gravity, we compare the approach that describes/derives the field equations of gravity as a thermodynamic identity with the one which looks at them from entropy bounds. The comparison is made through the consideration of the matter entropy flux across (Rindler) horizons, studied by making use of the notion of a limiting thermodynamic scale l∗ of matter, previously...

Design and modeling are key steps in the value chain of Capacitive Micromachined Ultrasonic Transducer (CMUT) arrays. Although CMUT array element models very powerful, most them still limited their use as tools for electronic design assistance. The electroacoustic equivalent circuits developed mainly based on a distributed-element approach while lumped-parameter electrical better suited softwar...

We re-examine optimal monetary policy when lump-sum taxes are unavailable. Under commitment, we show that, with alternative utility functions to that considered in Nicolini’s related analysis, the direction of the incentive to cheat may depend on the initial level of government debt, with low debt creating an incentive towards surprise deflation, but high debt the reverse. Under discretion, we ...

Lump-sum severance pay from which shirkers can be excluded raises employment in an efficiency wage economy. However, severance payments are usually related to wages. It is shown that earnings-related, mandated severance pay will have ambiguous employment effects if effort can be varied continuously. A substitution of the earnings-related for the lump-sum component reduces employment. Thus, the ...