This paper takes the concept of heterogeneous entrepreneurs (Evans and Baxendale 2008) and investigates how higher quality entrepreneurs are able to adjust their structures of production and economic calculation in face of business cycles to avoid malinvestments and other ill effects that result from credit expansion. In an attempt to overturn opposing views of the Austrian Business Cycle Theor...

When designing automated management systems for oilfield development one of the main problems is the uncertainty of control object stemming from natural factors. Field properties’ identification becomes a key task here. Field model adjustment plays a crucial role in this process. It is clear that history matching, as well as control, should be conducted on different time scales. Under the close...

This paper presents a feedback control rule for the machine start-up adjustment problem when the cost function of the machining process is not symmetric around its target. In particular, the presence of a bias term in the control rule permits the process quality characteristic to converge to a steady-state target from the lower cost side, thus reducing the process quality losses incurred during...

We study the ta( tonnement process in an exchange economy with three commodities and three agents. We argue that for the multiplicative ta( tonnement process the simplex is a natural normalization rule. We analyse the in#uence of symmetry in preferences and endowments on the dynamics of the ta( tonnement process. Depending on this symmetry there are di!erent bifurcation routes to chaos. In part...