A Markup Interpretation of Optimal Rules for Irreversible Investment

We re-examine the basic investment problem of deciding when to incur a sunk cost to obtain a stochastically fluctuating benefit. The optimal investment rule satisfies a trade-off between a larger versus a later net benefit; we show that this trade-off is closely analogous to the standard trade-off for the pricing decision of a firm that faces a downward sloping demand curve. We reinterpret the optimal investment rule as a markup formula involving an elasticity that has exactly the same form as the formula for a firm's optimal markup of price over marginal cost. This is illustrated with several examples.

Idiopathic giant abdominal lymph cyst: a case report

<p>Abstract</p> <p>Introduction</p> <p>Giant lymph cysts are a relatively frequent complication after surgical procedures in the abdomen, often after kidney transplantation, but there are also cases after pelvic surgery such as lymphadenectomy and others. In the recent literature, there have been no reported cases of idiopathic giant lymphocyst.</p> <p>Case presentation</p> <p>We present the case of a 76-year-old Caucasian man who had a lymph cyst he had known of for more than 15 years. Laparoscopic treatment was necessary because of hydronephrosis of the left kidney.</p> <p>Conclusion</p> <p>This case shows that laparoscopic drainage and partial resection of the lymph cyst is a safe and effective treatment.</p

Capitalism, Communism and Confucius? Some Reflections on Asian Grwth and Crisis

The economic development in East and Southeast Asia after 1960 is discussed in light of economic growth theory\u27, international security politics, and Asian culture. It is argued that the East Asian growth miracle became possible partly due to very favorable combination of factors along these three dimensions. The initial growth potential was high, while the stability requiredfor growth to materialize was encouraged by the international political s ituation, and possibly also by cultural characteristics of the region. The economic crisis in 1997 need not represent the end of long run growth as far as growth theory can predict, but nor does the risk of political set-backs that could have negative growth effects seem to be lower than before

Snowpiercer : a conceptual design inspired by the movie

"The most personal, is the most creative." - Bong Joon-ho The above quote is from the director of Snowpiercer while receiving his Oscar for the movie Parasite. I was inspired by this quote when I began the ideation process for my thesis. This movie has motivated me and propelled my interest in the post dystopian/ sci-fi genre. By working through the design for this film, I realized how a whole world could be compressed into tiny film sets that link together to form one extensive self-sustaining ecosystem. The movie was an adaptation of the post-apocalyptic French graphic novel "Le Transperceneige" by Jacques Lob and Jean-Marc Rochette. The film was released in 2013. It was directed by Korean director Bong Joon-ho and the production designer was Ondrej Nekvasil. This paper documents my personal ideas and creative process for designing theoretical sets for the movie “ Snowpiercer.”  Arts, Faculty ofTheatre and Film, Department ofGraduat

Smooth pasting as rate of return equalization

We further elucidate the smooth pasting condition behind optimal early exercise of options. It is easy to show that smooth pasting implies rate of return equalization between the option and the levered position that results from exercise. This yields new economic insights into the optimal early exercise condition that the option holder face