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The emphasis in this article is to exploit the fact that precision requirements for solutions of most economic models in practice are moderate only. A simple approach is introduced for solving linearly constrained partial equilibrium models based on an iterative scheme similar to the simplex...
In a recent article, Oviatt and Bauerschmidt (1991) investigated risk-return relationship by employing the square root of the mean square error of returns as a measure of risk and found no significant relationship existed in those terms. Ruefli (1991) has suggested that under the assumption of...
The comparative efficiency and success of small firms in R&D remains largely unexplained. This paper empirically examines scale diseconomies in offering employment contracts as an explanation for diseconomies of scale in R&D. The paper argues that small firms more efficiently resolve the severe...
Expert database systems combine database and expert systems technologies to support the effective management of both rules and data. This paper studies rule processing strategies in expert database systems involving rules that are conditional on joins of relational data. Auxiliary constructs for...
Numerous studies have examined individuals' minimum selling prices or certainty equivalents for lotteries as measures of preference, but few have examined maximum buying prices. Because every transaction involves a buyer as well as a seller, buyers' pricing behavior is of interest in its own...
The stochastic properties of discretely rebalanced option hedges have been studied extensively beginning with Black and Scholes (1973). In each analysis hedges were “delta-neutral” after rebalancing. We argue that the distributional properties of discretely rebalanced hedges are such that...
Three-point discrete-distribution approximations are often used in decision and risk analyses to represent probability distributions for continuous random variables—e.g., as probability nodes in decision or probability trees. Performance evaluations of such approximations have generally been...
Under the Prospective Payment System (PPS) implemented by Medicare in 1983, hospitals are paid a set price for each Medicare patient treated, rather than being reimbursed for the patient's costs as had been done previously. An increasing number of other insurers have adopted a similar method of...
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