Books in the Lecture Notes in Economics and Mathematical Systems series

This book addresses the challenging task of demand forecasting and inventory management in retailing.

This book is an exploration of the ubiquity of ambiguity in decision-making under uncertainty. It presents various essays on behavioral economics and behavioral finance that draw on the theory of Black Swans (Taleb 2010), which argues for a distinction between unprecedented events in our past and unpredictable events in our future. The defining property of Black Swan random events is that they are unpredictable, i.e., highly unlikely random events. In this text, Mandelbrot¿s (1972) operational definition of risky random unpredictable events is extended to Black Swan assets ¿ assets for which the cumulative probability distribution or conditional probability distribution of random future asset returns is a power distribution. Ambiguous assets are assets for which the uncertainties of future returns are not risks. Consequently, there are two disjoint classes of Black Swan assets: Risky Black Swan assets and Ambiguous Black Swan assets, a new class of ambiguous assets withunpredictable random future outcomes.The text is divided into two parts, the first of which focuses on affective moods, introduces affective utility functions and discusses the ambiguity of Black Swans. The second part, which shifts the spotlight to affective equilibrium in asset markets, features chapters on affective portfolio analysis and Walrasian and Gorman Polar Form Equilibrium Inequalities. In order to gain the most from the book, readers should have completed the standard introductory graduate courses on microeconomics, behavioral finance, and convex optimization. The book is intended for advanced undergraduates, graduate students and post docs specializing in economic theory, experimental economics, finance, mathematics, computer science or data analysis.

Cost Analysis is an emerging sub-discipline of Economics and Operations Research. This book is directed to researchers in Economics, Operations Research, Industrial Engineering, and Managerial Accounting.

This book has grown out of a desire to explore the possibilities of using optimizing models in transportation planning. The gravity model is here studied as the solution to an optimizing model.

The book is a benefit for graduate and postgraduate students in the areas of operations research, decision theory, optimization theory, linear algebra, interval analysis and fuzzy sets.

This book is devoted to the study of dynamical models of decentralized economic systems. Branches of the economic system are treated as fully independent economic agents that plan their work according to their own purposes. It is shown that the lack of coordination between economic agents leads to a limit cycle for some economic indicators.

This book deals with dynamic and stochastic methods for multi-project planning. To obtain optimal and near optimal scheduling policies new models and algorithms are proposed based on the theory of Markov decision processes and Approximate Dynamic programming.

This volume presents recent advances in the dynamic field of Artificial Economics and its various applications. Artificial Economics provides a structured approach to model and investigate economic and social systems. Artificial Economics especially facilitates the investigation of this emergent systems' behavior.

A major problem arising in airline alliances is to design allocation mechanisms determining how the revenue of a product should be shared among the airlines. The proposed mechanism is used as a benchmark to evaluate the fairness of the revenue sharing mechanisms, where the alliance partners behave selfishly.

The class of interest rate models introduced by O. This book addresses the above mentioned class of interest rate models and concentrates on the calibration, valuation and sensitivity analysis in multifactor models. Finally it focuses on the sensitivity analysis of Cheyette models and derives Model- and Market Greeks.

This book gives the historical development, explanations of technical specifications, and a basic understanding of how to use different equilibrium models in an applied framework.

Retail shelf management means cost-efficiently aligning retail operations with consumer demand. Retailers need to match consumer demand with shelf supply by balancing variety (number of products) and service levels (number of items of a product), and by optimizing demand and profit through carefully calibrated prices.

By analyzing the implications of three variants of collective bargaining - efficient bargaining in a uniform and a segmented labor market and "right-to-manage" wage bargaining - it identifies the quantity of money, price expectations, union power, and union size as the determinants of temporary equilibria.

If, in addition, all buyers are retailers (i.e., they resell the goods purchased in the analyzed market in a retail market) then the equilibrium vector of the quantities sold in the retail market is sold with the lowest possible selling costs.

The effect of a change in the regulation regime is presented in the form of two studies: an international secondary analysis of the effects on cost of equity based on event studies of the Anglo-Saxon area and a primary analysis based on the Austrian regulation policy for electricity and gas supply systems.

This text develops and analyzes dynamic decision models (DDM) with one trajectoral objective according to the methodology of multi-criteria decision making. DDMs which concomitantly pursue multiple objectives are analyzed, with an emphasis on hybrid models with scalar and trajectorial objectives.

The book develops the Dempster-Shafer Theory with regard to the reliability of reasoning with uncertain arguments. Of particular interest here is the development of a new synthesis and the integration of logic and probability theory. The reader benefits from a new approach to uncertainty modeling which extends classical probability theory.

Disasters like floods, hurricanes, chemical or nuclear accidents may cause the necessity to evacuate the affected area. The considered problem of this work is the reorganization of the traffic routing of an urban area for the case of an emergency mass evacuation. This work gives an extensive summary of literature of evacuation of urban areas.

This volume sheds light on the current state of complex networks and nonlinear dynamics applied to the understanding of economic and social phenomena ranging from geographical economics to macroeconomics and finance, and its purpose is to give readers an overview of several interesting topics for research at an intermediate level.

One highlight of the book is its rigorous treatment of the so-called Atkinson theorem and some extensions, which help to explain under which type of societal utility functions nations tend to operate either in the direction of more balance or less balance.

This monograph provides a novel approach to the evaluation of economic policy by combining two different analytical strategies. On the one hand, the computable general equilibrium (CGE) analysis, a standard tool mostly used to quantify the impact of economic measures or changes in the structural data of the economy.

This book investigates models of spatial and dynamic monopsony and their application to the persistent empirical regularity of the gender pay gap.

Gives the reader an insight into the field of multiobjective (linear, nonlinear and combinatorial) programming, goal programming and multiobjective metaheuristics. This book presents 26 papers that describe various relevant trends in these fields of research and cover a wide range of topics ranging from theoretical investigations to algorithms.

In a globalized economy logistics has become a crucial area for the success of companies. For this reason distribution logistics is the most important and complex part of logistics. An efficient and effective management of distribution logistics is a key issue for the success of a company.