![Debt contracts and cooperative improvements [An article from: Journal of Mathematical Economics]](http://ecx.images-amazon.com/images/I/51G1ZN30ZNL.jpg)
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This digital document is a journal article from Journal of Mathematical Economics, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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In this paper, we consider a dynamic game with imperfect information between a borrower and lender who must write a contract to produce a consumption good. In order to analyze the game, we introduce the concept of a coalitional perfect Bayesian Nash equilibrium (cPBNE). We prove that equilibria exist and are efficient in a precise sense, and that deterministic contracts that resemble debt are optimal for a general class of economies. The cPBNE solution concept captures both the non-cooperative aspect of firm liquidation and the cooperative aspect of renegotiation.
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![Insolvency and economic development: Regional variation and adjustment [An article from: Journal of Economics and Business]](http://ecx.images-amazon.com/images/I/51HANQBPMQL.jpg)
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This digital document is a journal article from Journal of Economics and Business, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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We examine the determinants of forced insolvency in New Zealand. The study incorporates three key features. First, we use regional as well as national data. Second, we analyse the role of property prices, which influence collateral values. Third, we explain the rate of total forced insolvency including personal bankruptcies and involuntary company liquidations. Insolvencies are explained by economic activity, financial variables and collateral values. The interactions between economic activity, leverage and property price (collateral) shocks indicate that region-specific shocks can compound into significant localised economic cycles.
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![Default risk, bankruptcy procedures and the market value of life insurance liabilities [An article from: Insurance Mathematics and Economics]](http://ecx.images-amazon.com/images/I/51TSCGR0EVL.jpg)
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This digital document is a journal article from Insurance Mathematics and Economics, published by Elsevier in 2007. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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The topic of insolvency risk in connection with life insurance companies has recently attracted a great deal of attention. In this paper, the question is investigated of how the values of the equity and of the liability of a life insurance company are affected by the default risk and the choice of the relevant bankruptcy procedure. As an example, the US Bankruptcy Code with Chapter 7 and Chapter 11 bankruptcy procedures is used. Grosen and Jorgensen’s [Grosen, A., Jorgensen, P.L., 2002. Life insurance liabilities at market value: An analysis of insolvency risk, bonus policy, and regulatory intervention rules in a barrier option framework. J. Risk Insur. 69 (1), 63-91] contingent claim model, implying only a Chapter 7 bankruptcy procedure, is extended to allow for more general bankruptcy procedures such as Chapter 11. Thus, more realistically, default and liquidation are modelled as distinguishable events. This is realized by using so-called standard and cumulative Parisian barrier option frameworks. It is shown that these options have appealing interpretations in terms of the bankruptcy mechanism. Furthermore, a number of representative numerical analyses and comparative statics are performed in order to investigate the effects of different parameter changes on the values of the insurance company’s equity and liability, and hence on the value of the life insurance contract. To complete the analysis, the shortfall probabilities of the insurance company implied by the proposed models are computed and compared.
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![Screening of halogenated aromatic compounds in some raw material lots for an aluminium recycling plant [An article from: Environment International]](http://ecx.images-amazon.com/images/I/51QY2BJNG1L.jpg)
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This digital document is a journal article from Environment International, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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Four samples of scrap raw materials for an aluminium recycling plant were screened for the occurrence of persistent halogenated aromatic compounds. The samples contained waste from handling of electric and electronic plastics, filter dust from electronic crusher, cyclone dust from electronic crusher and light fluff from car shredder. In our screening analyses, brominated flame retardants were observed in all samples. Polybrominated diphenyl ethers (PBDE) were identified in all samples in amounts of 245-67450 ng/g. The major PBDE congeners found were decabromo- and pentabromodiphenyl ethers. 1,1-bis(2,4,6-tribromophenoxy)ethane, hexabromobenzene, ethyl-pentabromobenzene, tetrabromobisphenol-A, pentabromotoluene and dimethyl tetrabromobenzene were observed in all scrap samples. The concentrations of PCBs, PCNs (polychlorinated naphthalenes) and nona- to undecachlorinated terphenyls in some of these scrap samples were remarkably high.
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![Retailers optimal pricing and lot-sizing policies for deteriorating items with partial backlogging [An article from: European Journal of Operational Research]](http://ecx.images-amazon.com/images/I/51G4P0G7AGL.jpg)
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This digital document is a journal article from European Journal of Operational Research, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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Pricing is a major strategy for a retailer to obtain its maximum profit. Therefore, in this paper, we establish an economic order quantity model for a retailer to determine its optimal selling price, replenishment number and replenishment schedule with partial backlogging. We first prove that the optimal replenishment schedule not only exists but also is unique, for any given selling price. Next, we show that the total profit is a concave function of p when the replenishment number and schedule are given. We then provide a simple algorithm to find the optimal selling price, replenishment number and replenishment timing for the proposed model. Finally, we use a couple of numerical examples to illustrate the algorithm.
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![Adaptation of maximum entropy capitalizer: Little data can help a lot [An article from: Computer Speech & Language]](http://ecx.images-amazon.com/images/I/51538KJY58L.jpg)
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This digital document is a journal article from Computer Speech & Language, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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A novel technique for maximum ”a posteriori” (MAP) adaptation of maximum entropy (MaxEnt) and maximum entropy Markov models (MEMM) is presented. The technique is applied to the problem of automatically capitalizing uniformly cased text. Automatic capitalization is a practically relevant problem: speech recognition output needs to be capitalized; also, modern word processors perform capitalization among other text proofing algorithms such as spelling correction and grammar checking. Capitalization can be also used as a preprocessing step in named entity extraction or machine translation. A ”background” capitalizer trained on 20M words of Wall Street Journal (WSJ) text from 1987 is adapted to two Broadcast News (BN) test sets – one containing ABC Primetime Live text and the other NPR Morning News/CNN Morning Edition text – from 1996. The ”in-domain” performance of the WSJ capitalizer is 45% better relative to the 1-gram baseline, when evaluated on a test set drawn from WSJ 1994. When evaluating on the mismatched ”out-of-domain” test data, the 1-gram baseline is outperformed by 60% relative; the improvement brought by the adaptation technique using a very small amount of matched BN data – 25-70k words – is about 20-25% relative. Overall, automatic capitalization error rate of 1.4% is achieved on BN data. The performance gain obtained by employing our adaptation technique using a tiny amount of out-of-domain training data on top of the background data is striking: as little as 0.14M words of in-domain data brings more improvement than using 10 times more background training data (from 2M words to 20M words).
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![A genetic algorithm for solving a fuzzy economic lot-size scheduling problem [An article from: International Journal of Production Economics]](http://ecx.images-amazon.com/images/I/51H0DAK3DML.jpg)
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This digital document is a journal article from International Journal of Production Economics, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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This paper presents a fuzzy extension of the economic lot-size scheduling problem (ELSP) for fuzzy demands, since perturbations often occur in products demand in the real world. The ELSP is formulated via the extended basic period (EBP) approach and power-of-two policy with the demands as ”approximate d”i”0” in triangular membership function. The resulting problem thus consists of a fuzzy total cost function, fuzzy feasibility constraints and a fuzzy continuous variable (the basic period) in addition to a set of crisp binary variables corresponding to the cycle times and starts of the products’ schedule. Therefore, membership functions for the fuzzy total cost function and constraints can be figured out, from which the optimal fuzzy basic period and cycle times can be determined in addition to the compromised crisp values in fuzzy sense. Also, a genetic algorithm governed by the fuzzy total cost function and fuzzy feasibility constraints is designed and assists the ELSP in search for the optimal or near-optimal solution of the binary variables. This formulation is tested and illustrated on several ELSPs with varying levels of machine utilization and products demand perturbations. The results obtained are also analyzed with the lower bound generated by the independent solution approach to the ELSPs.
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This digital document is a journal article from International Journal of Production Economics, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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In this paper we study the multi-job lot-streaming problem in two-stage hybrid flowshops with m identical machines at the first stage and a single machine at the second stage. The objective is to minimize the mean completion time of the jobs. We propose two heuristic algorithms to solve the problem. Both algorithms share the same approach that first sequences the jobs and then schedules (with splitting) the jobs in the sequence one at a time. But they use different methods to sequence the jobs. A mixed integer linear programming (MILP) formulation is also given and used to calculate a lower bound. This lower bound is used jointly with two other lower bounds obtained from the analysis of dominant stages. Extensive computational experiments are carried out comparing the heuristic solutions with the lower bounds.
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This digital document is a journal article from European Journal of Operational Research, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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A state-of-the-art of a particular planning problem, the Single Item Lot Sizing Problem (SILSP), is given for its uncapacitated and capacitated versions. First classes of lot sizing problems are briefly surveyed. Various solution methods for the Uncapacitated Single Item Lot Sizing Problem (USILSP) are reviewed. Four different mathematical programming formulations of the classical problem are presented. Different extensions for real-world applications of this problem are discussed. Complexity results of the Capacitated Single Item Lot Sizing Problem (CSILSP) are given together with its different formulations and solution techniques.
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![Six does not just mean a lot: preschoolers see number words as specific [An article from: Cognition]](http://ecx.images-amazon.com/images/I/5176GW74XYL.jpg)
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This digital document is a journal article from Cognition, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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This paper examines what children believe about unmapped number words – those number words whose exact meanings children have not yet learned. In Study 1, 31 children (ages 2-10 to 4-2) judged that the application of five and six changes when numerosity changes, although they did not know that equal sets must have the same number word. In Study 2, 15 children (ages 2-5 to 3-6) judged that six plus more is no longer six, but that a lot plus more is still a lot. Findings support the hypothesis that children treat number words as referring to specific, unique numerosities even before they know exactly which numerosity each word refers to.
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