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1.
In this paper, we propose a Weighted Stochastic Mesh (WSM) algorithm for approximating the value of discrete‐ and continuous‐time optimal stopping problems. In this context, we consider tractability of such problems via a useful notion of semitractability and the introduction of a tractability index for a particular numerical solution algorithm. It is shown that in the discrete‐time case the WSM algorithm leads to semitractability of the corresponding optimal stopping problem in the sense that its complexity is bounded in order by with being the dimension of the underlying Markov chain. Furthermore, we study the WSM approach in the context of continuous‐time optimal stopping problems and derive the corresponding complexity bounds. Although we cannot prove semitractability in this case, our bounds turn out to be the tightest ones among the complexity bounds known in the literature. We illustrate our theoretical findings by a numerical example. 相似文献
2.
Cristina Maxim 《旅游业当前问题》2019,22(9):1006-1024
World tourism cities perform multiple functions and exhibit various characteristics that influence tourism development within their boundaries. They are the main gateway for tourists visiting a country and their success has a direct impact on the visitor economy of that destination. London, the focus of this research, has been one of the world’s top tourism cities for many years, and a key gateway for domestic and international visitors. But despite the important role tourism plays in the economy of the city, there is limited research on the development of this activity in the capital. Using London as an exploratory case study, this paper contributes to better understanding the challenges faced by policy makers when planning and managing tourism in world cities. The adopted research method offers the advantage of gathering insightful information using multiple data collection techniques. Examining this new evidence contributes to expanding the knowledge on the particularities of tourism development in one of the top world cities, which could help policy makers in their efforts to better prepare for potential challenges faced by these complex but important destinations. 相似文献
3.
Maxim Ivanov 《Journal of Economic Theory》2010,145(2):869-884
This paper investigates communication between an informed expert and an uninformed principal via a strategic mediator. We demonstrate that, for any bias in the parties' preferences, there exists a strategic mediator that provides the highest expected payoff to the principal, as if the players had communicated through an optimal non-strategic mediator. 相似文献
4.
M. V. Sinitsyn 《Studies on Russian Economic Development》2012,23(5):527-533
Foreign investments in Russia??s electric power industry and their role in the institutional and regulatory reorganization of its reformation are analyzed in the article. A comparison of the revenue efficiency of electric power generation companies on the Russian and European markets is made. 相似文献
5.
Driving forces of chemical risks for the European biodiversity 总被引:2,自引:2,他引:0
In the framework of the EU-funded research project ALARM (Assessing LArge-scale environmental Risks with tested Methods), an original method combining the DPSIR (driving forces–pressures–state–impacts–responses) framework and an analysis based on the distinction between the four spheres of sustainability (environmental, economic, social and political) has been developed. This paper presents the application of this method, called “the tetrahedral DPSIR” for the identification and analysis of driving forces of environmental chemicals risks for biodiversity, in Europe. The purpose of this methodology is to help reduce the pressures on biodiversity through modifying the driving forces behind them by offering scientific advice to policy makers. We frame our analysis in the context of the current policy, namely the implementation of REACH (Regulation on the Registration, Evaluation, and Authorization of CHemicals). 相似文献
6.
The Role of Cultural and Symbolic Capital in Entrepreneurs' Ability to Meet Expectations about Conformity and Innovation 总被引:1,自引:0,他引:1
We conceptualize entrepreneurs' success in acquiring resources as the outcome of a socially embedded process of pursuing legitimacy, which in turn encompasses their ability to meet field incumbents' expectations about conformity and innovation. Drawing from Bourdieu's theory of practice, we specifically discuss entrepreneurs' ability, when entering a business field, to simultaneously conform to existing field arrangements (i.e., to "fit in") and to be perceived as innovators (i.e., to "stand out"). A possible paradoxical relationship marks entrepreneurs' ability to meet both of these expectations; we discuss the role of entrepreneurs' cultural and symbolic capital in this process. In addition, two contingency factors may influence how entrepreneurs' ability to fit in and stand out affects their resource acquisition. First, the contribution of the two facets of legitimacy to resource acquisition is influenced by the maturity of the field the entrepreneur enters. Second, entrepreneurs' resource acquisition may be enhanced by their ability to artfully navigate the possible conflicting demands to fit in versus stand out through impression management. 相似文献
7.
In much contemporary institutional scholarship, the term ‘actor’ is used as a shorthand for any entity imbued with agency. Talking about actors in institutions thus serves the necessity of allocating agency before returning to the analysis of institutional structures and processes. We find this approach to actorhood limiting, conceptually and normatively. Grounded in the perspective of pragmatist phenomenology, we assert the need for distinguishing between persons and actors, and the value of integrating the person into institutional analysis. We conceive of persons as humans with a reflective capacity and sense of self, who engage with multiple institutions through the performance of institutional roles. People may acquire actorhood by temporarily aligning their self with what is expected from a particular actor-role in an institutional order. Conversely, institutions enter people’s lifeworld as they are personified in people’s social performances. We outline this perspective and examine conceptual and normative implications that arise from the integration of human experience in institutional analysis. 相似文献
8.
Maxim L. Pinkovskiy 《The Rand journal of economics》2020,51(1):59-108
The health spending slowdown associated with the managed care revolution in the 1990s suggests that managed care may have been successful in controlling health care spending. I exploit the passage of state regulation during the “managed care backlash” as well as geographic variation in managed care intensity to measure the impact of managed care on spending. I find that restricting managed care causes a large and significant increase in hospital spending, which cannot be explained by changes in hospital market concentration, other regulatory activity, and multiple other possible explanations. I also do not find effects of the backlash on mortality. 相似文献
9.
This paper reconciles the two explanations of a financial crisis, the self-fulfilling prophecy and the fundamental causes, in an empirically-relevant framework, by explicitly modeling the costly voluntary acquisition of information about fundamentals in a variant of Diamond and Dybvig [Diamond, D., Dybvig, P., 1983. Bank runs, deposit insurance, and liquidity. Journal of Political Economy 91, 401–419]. The model exhibits strategic complementarity in information acquisition. In the “partial run” equilibrium investors engage in costly evaluation of projects, so that banks with lower-return projects fail. There also exist the classic “full-run” and “no-run” equilibria in which there is no project evaluation. Investors’ coordination on a specific equilibrium is triggered by a self-fulfilling prophecy. So, financial crises are seen as both fundamentals-based and self-fulfilling prophecies-based phenomena. 相似文献
10.
Landeo Claudia M.; Nikitin Maxim; Baker Scott 《Jnl. of Law, Economics, and Organization》2007,23(1):57-97
This article presents a strategic model of liability and litigationunder court errors. Our framework allows for endogenous choiceof level of care and endogenous likelihood of filing and disputes.We derive sufficient conditions for a unique universally divinemixed-strategy perfect Bayesian equilibrium under low courterrors. In this equilibrium, some defendants choose to be grosslynegligent; some cases are filed; and some lawsuits are dropped,some are resolved out of court, and some go to trial. We findthat court errors in the size of the award, as well as damagecaps and split awards, reduce the likelihood of trial but increasefiling and reduce the deterrence effect of punitive damages.We derive conditions under which the adoption of the Englishrule for allocating legal costs reduces filing. 相似文献