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In the twenty-first century the sustainability of energy and transportation systems is on the top of the political agenda in many countries around the world. Environmental impacts of human economic activity necessitate the consideration of conflicting goals in decision...
Political and economic institutions are typically governed by committees that face the challenge to reconcile the preferences of their members. How should decision rules be designed to generate fair and sustainable agreements, for example if committee members represent...
The introductory chapter consists of four sections. In Sect. 1. 1 we reveal the c- rent situation in hospitals that is faced by the management. We address the general issue of personnel scheduling in the service industry in Sect. 1. 2. Then we motivate our research by...
Quantitativeapproachesforsolvingproductionplanningandinventorymanagement problems in industry have gained growing importance in the past years. Due to the increasinguse of AdvancedPlanningSystems, a widespreadpracticalapplicationof the sophisticated optimization models...
This book describes a laboratory experiment designed to test the causes and properties of bubbles in financial markets and explores the question whether it is possible to design markets which avoid such bubbles and crashes. In the experiment, subjects were given the...
Integrated supply chain planning is well understood by theory and widely applied in practice – however, only with respect to intra-organisational supply chains. In inter-organisational supply chains, an additional, yet unresolved problem arises: due to confidentiality...
“The essence of a hedging contract is a coincident purchase and sale in two markets which are expected to behave in such a way that any loss realized in one will be offset by an equivalent gain in the other. If such behavior follows a perfect hedge has been effected. ”...
Remarkable features of revenue management (RM) problems in the cargo, manufacturing and broadcasting industries are so-called flexible products. "Flexibility" means that the actual mode of production is not defined at the time of purchase, but can be chosen later on by...
" About this book This book suggests a novel approach......
Economic Systems exhibit complex dynamics evidenced by large-amplitude and aperiodic fluctuations in economic variables, such as foreign exchange rates and stock market prices, indicating that these systems are driven far from the equilibrium. Characterization of the...
“If necessity is the mother of invention, then deregulation is the father, and r- enue management (also known as yield management) is the couple’s golden child – at least as far as operations research is concerned.” (Horner, 2000, p. 47) Deregulation had a signi?cant...
Agent-based computational modeling with its intrinsic multidisciplinary approach is gaining increasing recognition in the social sciences, particularly in economics, business and finance. The methodology is now widely used to compute analytical models numerically and...
The labor markets of important OECD countries show a similar picture: high wages and low unemployment for skilled workers and low wages but high unemployment for low-skilled workers. During the last 10 years this fact has been studied under the hypothesis of...
Over the last years, due to intensive competition in the knowledge economy, legal aspects surrounding intellectual property (IP) rights - including litigation and settlement - have continuously gained in importance. Correspondingly, professional IP management has become...
This volume presents papers and speeches given in the Experimental E- nomics Week in Honour of Dr Vernon L. Smith held in Okayama and Kyoto, 13-17 December 2004, which consisted of Dr Smith’s public speech and the International Conference on Experiments in Economic...
More and more often practitioners in process industry have to adapt their global production networks to changes in the competitive environment. A majority of the supply network design models proposed by academia does not sufficiently capture the economic and technical...
Negotiations are ubiquitous in business, politics, and private life. In many cases their outcome is of great importance. Yet, negotiators frequently act irrationally and fail to reach mutually beneficial agreements. Cognitive biases like overconfidence, egocentrism, and...
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