9,312 research outputs found

    Courts of Law and Unforeseen Contingencies

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    We study a contracting model with unforeseen contingencies in which the court is an active player. Ex-ante, the contracting parties cannot include the risky unforeseen contingencies in the contract they draw up. Ex-post the court observes whether an unforeseen contingency occurred, and decides whether to void or uphold the contract. If the contract is voided by the court, the parties can renegotiate a new agreement ex-post. There are two effects of a court that voids more contracts. The parties' incentives to undertake relationship-specific investment are reduced, while the parties enjoy greater insurance against the unforeseen contingencies which the ex-ante contract cannot take into account. In this context, we are able to characterize fully the optimal decision rule for the court. The behavior of the optimal court is determined by the tradeoff between the need for incentives and the gains from insurance that voiding in some circumstances offers to the agents.Optimal Courts, Unforeseen Contingencies, Risk, Incentives

    Courts of Law and Unforeseen Contingencies

    Get PDF
    We study a contracting model with unforeseen contingencies in which the court is an active player. Ex-ante, the contracting parties cannot include the risky unforeseen contingencies in the contract they draw up. Ex-post the court observes whether an unforeseen contingency occurred, and decides whether to void or uphold the contract. If the contract is voided by the court, the parties can renegotiate a new agreement ex-post. There are two effects of a court that voids more contracts. The parties' incentives to undertake relationship-specific investment are reduced, while the parties enjoy greater insurance againt the unforeseen contingencies which the ex-ante contract cannot take into account. In this context, we are able to characterise fully the optimal decision rule for the court. The behaviour of the optimal court is determined by the trade-off between the need for incentives and the gains from insurance that voiding in some circumstances offers to the agents.Court of law, unforeseen contingencies, precedents, incentives, insurance.

    Courts of Law and Unforeseen Contingencies

    Get PDF
    We study a contracting model with unforeseen contingencies in which the court is an active player. Ex-ante, the contracting parties cannot include the risky unforeseen contingencies in the contract they draw up. Ex-post the court observes whether an unforeseen contingency occurred, and decides whether to void or uphold the contract. If the contract is voided by the court, the parties can renegotiate a new agreement ex-post. There are two effects of a court that voids more contracts. The parties’ incentives to undertake relationship-specific investment are reduced, while the parties enjoy greater insurance against the unforeseen contingencies which the ex-ante contract cannot take into account. In this context, we are able to characterize fully the optimal decision rule for the court. The behavior of the optimal court is determined by the tradeoff between the need for incentives and the gains from insurance that voiding in some circumstances offers to the agents.Courts of Law, Unforeseen Contingencies, Precedents, Incentives, Insurance

    Distributed Services with Foreseen and Unforeseen Tasks: The Mobile Re-allocation Problem

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    In this paper we deal with a common problem found in the operations of security and preventive/corrective maintenance services: that of routing a number of mobile resources to serve foreseen and unforeseen tasks during a shift. We define the (Mobile Re-Allocation Problem) MRAP as the problem of devising a routing strategy to maximize the expected weighted number of tasks served on time. For obtaining a solution to the MRAP, we propose to solve successively a multi-objective optimization problem called the stochastic Team Orienteering Problem with Multiple Time Windows (s-TOP-MTW) so as to consider information about known tasks and the arrival process of new unforeseen tasks. Solving successively the s-TOP-MTW we find that considering information about the arrival process of new unforeseen tasks may aid in maximizing the expected proportion of tasks accomplished on time.location;reliability;routing;distributed services

    Multiple input control strategies for robust and adaptive climate engineering in a low order 3-box model

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    A low-order 3-box energy balance model for the climate system is employed with a multivariable control scheme for the evaluation of new robust and adaptive climate engineering strategies using solar radiation management. The climate engineering measures are deployed in three boxes thus representing northern, southern and central bands. It is shown that, through heat transport between the boxes, it is possible to effect a degree of latitudinal control through the reduction of insolation. The approach employed consists of a closed-loop system with an adaptive controller, where the required control intervention is estimated under the RCP4.5 radiative scenario. Through the online estimation of the controller parameters, adaptive control can overcome key issues related to uncertainties of the climate model, the external radiative forcing and the dynamics of the actuator used. In fact, the use of adaptive control offers a robust means of dealing with unforeseeable abrupt perturbations, as well as the parametrization of the model considered, to counteract the RCP4.5 scenario, while still providing bounds on stability and control performance. Moreover, applying multivariable control theory also allows the formal controllability and observability of the system to be investigated in order to identify all feasible control strategies

    Impact of edge-removal on the centrality betweenness of the best spreaders

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    The control of epidemic spreading is essential to avoid potential fatal consequences and also, to lessen unforeseen socio-economic impact. The need for effective control is exemplified during the severe acute respiratory syndrome (SARS) in 2003, which has inflicted near to a thousand deaths as well as bankruptcies of airlines and related businesses. In this article, we examine the efficacy of control strategies on the propagation of infectious diseases based on removing connections within real world airline network with the associated economic and social costs taken into account through defining appropriate quantitative measures. We uncover the surprising results that removing less busy connections can be far more effective in hindering the spread of the disease than removing the more popular connections. Since disconnecting the less popular routes tend to incur less socio-economic cost, our finding suggests the possibility of trading minimal reduction in connectivity of an important hub with efficiencies in epidemic control. In particular, we demonstrate the performance of various local epidemic control strategies, and show how our approach can predict their cost effectiveness through the spreading control characteristics.Comment: 11 pages, 4 figure

    Surfing Alone? The Internet and Social Capital: Evidence from an Unforeseen Technological Mistake

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    Does the Internet undermine social capital or facilitate inter-personal and civic engagement in the real world? Merging unique telecommunication data with geo-coded German individual-level data, we investigate how broadband Internet affects several dimensions of social capital. One identification strategy uses panel information to estimate value-added models. A second exploits a quasi-experiment in East Germany created by a mistaken technology choice of the state-owned telecommunication provider in the 1990s that still hinders broadband Internet access for many households. We find no evidence that the Internet reduces social capital. For some measuresincluding children's social activities, we even find significant positive effects.Internet, social capital
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