39,750 research outputs found
Exit Time Risk-Sensitive Control for Systems of Cooperative Agents
We study sequences, parametrized by the number of agents, of many agent exit
time stochastic control problems with risk-sensitive cost structure. We
identify a fully characterizing assumption, under which each of such control
problem corresponds to a risk-neutral stochastic control problem with additive
cost, and sequentially to a risk-neutral stochastic control problem on the
simplex, where the specific information about the state of each agent can be
discarded. We also prove that, under some additional assumptions, the sequence
of value functions converges to the value function of a deterministic control
problem, which can be used for the design of nearly optimal controls for the
original problem, when the number of agents is sufficiently large
Trust, opportunism and governance
The paper considers a (static) portfolio system that satisfies adding-up contraints and the gross substitution theorem. The paper shows the relationship of the two conditions to the weak dominant diagonal property of the matrix of interest rate elasticities. This enables to investigate the impact of simultaneous changes in interest rates on the asset demands.
Exit time risk-sensitive stochastic control problems related to systems of cooperative agents
We study sequences, parametrized by the number of agents, of exit time stochastic control problems with risk-sensitive costs structures generate by unbounded costs. We identify a fully characterizing assumption, under which, each of them corresponds to a risk-neutral stochastic control problem with additive cost, and also to a risk-neutral stochastic control problem on the simplex, where the specific information about the state of each agent can be discarded. We finally prove that, under some additional assumptions, the sequence of value functions converges to the value function of a deterministic control problem
Mean-Field-Type Games in Engineering
A mean-field-type game is a game in which the instantaneous payoffs and/or
the state dynamics functions involve not only the state and the action profile
but also the joint distributions of state-action pairs. This article presents
some engineering applications of mean-field-type games including road traffic
networks, multi-level building evacuation, millimeter wave wireless
communications, distributed power networks, virus spread over networks, virtual
machine resource management in cloud networks, synchronization of oscillators,
energy-efficient buildings, online meeting and mobile crowdsensing.Comment: 84 pages, 24 figures, 183 references. to appear in AIMS 201
Social Capital, Institutions and Trust
This paper analyzes the relations between social capital, institutions and trust.These concepts are full of ambiguity and confusion.This paper attempts to dissolve some of the confusion, by distinguishing trust and control, and analyzing institutional and relational conditions of trust.It presents a tool for the analysis of the foundations of trust and a diagnosis of its strength and viability.social capital;institutions;trust;economic systems
Regulating Clothing Outwork: A Sceptic's View
By applying the strategies of international anti-sweatshop campaigns to the Australian context, recent regulations governing home-based clothing production hold retailers
responsible for policing the wages and employment conditions of clothing outworkers who manufacture clothing on their behalf. This paper argues that the new approach
oversimplifies the regulatory challenge by assuming (1) that Australian clothing production is organised in a hierarchical âbuyer-ledâ linear structure in which core
retail firms have the capacity to control their suppliersâ behaviour; (2) that firms act as unitary moral agents; and (3) that interventions imported from other times and places
are applicable to the contemporary Australian context. After considering some alternative regulatory approaches, the paper concludes that the new regulatory strategy effectively privatises responsibility for labour market conditions â a development that cries out for further debate
Anglo-American corporate governance and the employment relationship: a case to answer
The corporate governance environment in the UK and US is generally thought to be hostile to the emergence of cooperative employment relations of the kind exemplified by labour-management partnerships. We discuss case study
evidence from the UK which suggests that, contrary to this widespread perception, enduring and proactive partnerships may develop, in conditions where management can convince shareholders of the long-term gains from this approach, and where other regulatory factors operate to extend the time-horizon for financial returns. We conclude that there is more scope than is commonly allowed for measures which could reconcile liquidity in capital markets with cooperation in labour relations
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