Optimal Dynamic Investment Policies Of A Value Maximizing Firm
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Optimal Dynamic Investment Policies Of A Value Maximizing Firm
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Author : Peter M. Kort
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Optimal Dynamic Investment Policies Of A Value Maximizing Firm written by Peter M. Kort and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
1.1. Scope of the Book This book is a contribution to the area of "dynamic models of the firm". The motivation for this kind of research is the following: Empirical studies (e.g. Albach (1976)) have shown that the development of the firm over time can be divided into different stages. such as growth. stationarity and contraction. In order to understand and evaluate these stages in a proper way. it is important to develop a suitable theoretical framework. To that end. economists have applied dynamic mathematical techniques. such as optimal control theory. calculus of variations and dynamic programming to design and analyse dynamic models of the firm. In this way. the economic theory of the firm is extended to a dynamic context. Within the field of the dynamics of the firm this book - develops a general investment decision rule. based on the concept "net present value of marginal investment". which is applicable in deterministic dynamic models of the firm; - studies the influence of adjustment costs of investment on optimal dynamic firm behavior; - extends the stochastic dynamic theory of the firm by connecting it with a dynamic version of the Capital Asset Pricing Model. Before elaborating on "the dynamics of the firm". we first review the subject of net present value in the classical analysis.
Dynamic Firm And Investor Behaviour Under Progressive Personal Taxation
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Author : Geert-Jan C.T.van Schijndel
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Dynamic Firm And Investor Behaviour Under Progressive Personal Taxation written by Geert-Jan C.T.van Schijndel and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
This book aims to include the effects of a progressive personal tax into the deterministic dynamic theory of the firm. To this end the author investigates the impact of a progressive personal tax on the optimal dividend, financing and investment policy of a shareholder-controlled, value-maximising firm. More specifically, the principal aim is the justification of the thesis that during each stage of their evolution, firms will be controlled by investors in different tax brackets. With this aim in mind, the author develops a dynamic equilibrium and portfolio theory under certainty, which considers: - the market value of an arbitrary firm such that no excess demand for or supply of shares exists, - the portfolio selection of differently taxed investors, - the succession of differently taxed investors, who possess the shares of any value-maximizing firm, in the course of time, - the optimal resulting policy string and corresponding evolution of a firm in the course of time.
Dynamic Models Of The Firm
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Author : Mark W.J. Blok
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Dynamic Models Of The Firm written by Mark W.J. Blok and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
This book contributes to the scientific field of optimal control theory applied to dynamic models of the firm. It discusses optimal investment, financing and production policies of the firm, that have to deal with a variety of aspects, such as financial constraints, start-up costs, business cycles, increasing returns to scale, production life cycles and experience curves. In contrast to many other publications on this subject, here, in combination with an analytical approach, the dynamic optimization problems are solved numerically with the aid of a powerful computer and specific programs for optimizing non-linear functions of a finite number of variables and non-linear constraints.
Optimal Firm Behaviour In The Context Of Technological Progress And A Business Cycle
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Author : Onno van Hilten
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-14
Optimal Firm Behaviour In The Context Of Technological Progress And A Business Cycle written by Onno van Hilten and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-14 with Business & Economics categories.
This thesis is a theoretical study of the optimal dynamic policies of a, to some extent, slowly adjusting firm that faces an exogeneously given technological progress and an exogeneously given business cycle. It belongs to the area of mathematical economics. It is intended to appeal to mathematical economists in the first place, economists in the second place and mathematicians in the third place. It entails an attempt to stretch the limits of the application of deterministic dynamic optimisation to economics, in particular to firm behaviour. A well-known· Dutch economist (and trained mathematician) recently stated in 1 a local university newspaper that mathematical economists give economics a bad reputation, since they formulate their problems from a mathematical point of view and they are only interested in technical, mathematical problems. At the same time, however, "profound as economists may be, when it comes to extending or modifying the existing theory to make it applicable to a certain economic problem, an understanding of optimal control theory (which is the mathematical theory used in this thesis, ovh) based solely on heuristic arguments will often turn out to be inadequate" (SydS
The Visible Hand
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Author : Reiner B. Koblo
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
The Visible Hand written by Reiner B. Koblo and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
In the last decade highly innovatory developments have taken place in theoretical economics. The new focus of interest seems to be twofold: Firstly, nonlinear models for dynamic processes of the economy are constructed to extend the scope of linear models for tlle stationary euqilibrium state; and secondly a new approach is made to solve the everlasting problem of the relation between micro-and macro-economics. The interdisciplinary field of synergetics is deeply involved in this evolution. The author has made a remarkable contribution to both foci: His application of synergetic concepts to the theory of business cycles combines a partial solution of the micro-macro-problem, namely the modelling of the macro-economic effect of the decisions of investors, producers and consumers, with the natural introduction of nonlinearities. The arising new business cycle theory can on the one side be validated by empirical evidence and on the other hand the typical behavior of nonlinear dynamic systems including the transition to deterministic chaos can be clearly demonstrated. The hope is justified that the model presented in this book is a fw·ther important step in reaching a new level of the quantitative comprehension of dynamic phenomena in the economy. Stuttgart, June 1991 Prof. Dr. Wolfgang Weidlich Foreword It is the author's objective to explain macroeconomic processes on the basis of micro economic decision-making behaviour. In order to achieve this goal, the concept of synergetics is presented as a method of describing dynamic phenomena in multi-com ponent systems with cooperative interactions between their elements.
Resource Constrained Project Scheduling
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Author : Arno Sprecher
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Resource Constrained Project Scheduling written by Arno Sprecher and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Technology & Engineering categories.
Within a project human and non-human resources are pulled together in a tempo raray organization in order to achieve a predefined goal (d. [20], p. 187). That is, in contrast to manufacturing management, project management is directed to an end. One major function of project management is the scheduling of the project. Project scheduling is the time-based arrangement of the activities comprising the project subject to precedence-, time-and resource-constraints (d. [4], p. 170). In the 1950's the standard methods MPM (Metra Potential Method) and CPM (Cri tical Path Method) were developed. Given deterministic durations and precedence constraints the minimum project length, time windows for the start times and critical paths can be calculated. At the same time another group of researchers developed the Program Evaluation and Review Technique (PERT) (d. [19], [73] and [90]). In contrast to MPM and CPM, random variables describe the activity durations. Based on the optimistic, most likely and pessimistic estimations of the activity durations an assumed Beta distribution is derived in order to calculate the distribution of the project duration, the critical events, the distribution of earliest and latest occurence of an event, the distribution of the slack of the events and the probability of exceeding a date. By the time the estimates of the distributions have been improved (d. e.g. [52] and [56]). Nevertheless, there are some points of critique concerning the estimation of the resulting distributions and probabilities (d. e.g. [48], [49] and [50]).
Two Person Bargaining Experiments With Incomplete Information
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Author : Bettina Kuon
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Two Person Bargaining Experiments With Incomplete Information written by Bettina Kuon and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Think of the following situation: A project yielding a gross profit of 100 is offered to two firms. The project can only be conducted by a cooperation of the two firms. No firm is able to conduct the project alone. In order to receive the project the firms have to agree on the allocation of the gross profit. Each of both firms has an alternative project it conducts in case the joint project is not realized. The profitability of an allocation of the joint gross profit for a firm depends on the gross profit from its alternative project. The gross profit from an alternative project can be either 0 (low alternative value) or O
An Integrated Approach In Production Planning And Scheduling
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Author : Stephane Dauzere-Peres
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
An Integrated Approach In Production Planning And Scheduling written by Stephane Dauzere-Peres and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Production Management is a large field concerned with all the aspects related to production, from the very bottom decisions at the machine level, to the top-level strategic decisicns. In this book, we are concerned with production planning and scheduling aspects. Traditional production planning methodologies are based on a now widely ac cepted hierarchical decom?osition into several planning decision levels. The higher in the hierarchy, the more aggregate are the models and the more important are the decisions. In this book, we only consider the last two decision levels in the hierarchy, namely, the mid-term (or tacticaQ planning level and the short-term (or operationaQ scheduling level. In the literature and in practice, the decisions are taken in sequence and in a top-down approach from the highest level in the hierarchy to the bottom level. The decisions taken at some level in the hierarchy are constrained by those already taken at upper levels and in turn, must translate into feasible objectives for the next lower levels in the hierarchy. It is a common sense remark to say that the whole hierarchical decision process is coherent if the interactions between different levels in the hierarchy are taken into account so that a decision taken at some level in the hierarchy translates into a feasible objective for the next decision level in the hierarchy. However, and surpris ingly enough, this crucial consistency issue is rarely investigated and few results are available in the literature.
Production Planning In Automated Manufacturing
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Author : Yves Crama
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Production Planning In Automated Manufacturing written by Yves Crama and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
In this book quantitative approaches are proposed for production planning problems in automated manufacturing. In particular techniques from operations research/combinatorial optimization provide ways to tackle these problems. Special attention is devoted to the efficient use of tools in production planning for automated manufacturing systems. The book presents models and tests solution strategies for different kinds of production decisions. A case study in the manufacturing of printed circuit boards highlights the methodology. This book will help understand the nature of production planning problems emerging in automated manufacturing and show how techniques from operations research may contribute to their solution.
Encompassing
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Author : Geert Dhaene
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-09
Encompassing written by Geert Dhaene and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-09 with Business & Economics categories.
The history of many sciences is characterized by an almost continuous emer gence of new theories. From a normative point of view, the survival of a new theory should mainly be determined by its ability to explain a new body of facts which the existing theories are unable to explain. If in addition the new theory is able to explain all the results obtained by the existing theories and if it can point out why these theories fail to explain certain facts, it should become the dominant theory. Otherwise, it might coexist with other theories for some time. Hence, a new theory ought to be judged not only by confronting it with existing facts, but also by confronting it with existing theories. The idea that a theory should be able to account for the results ob tained by other theories, although implicitly adhered to by many scientists, has rarely been formalized. The statistics literature on parametric hypoth esis testing, though, might be seen as an instance of such a formalization.