This paper examines the subgame-perfect equilibria in symmetric 2×2 supergames. We solve the smallest discount factor value for which the players obtain all the feasible and individually rational payoffs as equilibrium payoffs. We show that the...
Reinforcement learning (RL) trains an agent by maximizing the sum of a discounted reward. Since the discount factor has a critical effect on the learning performance of the RL agent, it is important to choose the discount factor properly. When uncert...
The analysis presented in this paper regards the security of a present value given as an ordered fuzzy number. The present value was estimated in an imprecise manner and supplemented by the forecast of its coming changes. A discount factor of such se...
Reinforcement Learning (RL) enables an agent to learn control policies for achieving its long-term goals. One key parameter of RL algorithms is a discount factor that scales down future cost in the state’s current value estimate. This study introduce...
This paper presents an innovative approach to financial market modelling by integrating fuzzy discount factors into the decision-making process, thereby reflecting the complexities of human behaviour. Traditional financial models often fail to accoun...
We developed a model-free Bayesian extraction procedure for the stochastic discount factor under a yield curve prior. Previous methods in the literature directly or indirectly use some particular parametric asset-pricing models such as with long-run...
Three societies, namely the hunter-gatherer, the agrarian and the industrial, represent the course of human history of cultural and economic development. In this course, each society exhibits distinct cultures and daily life practices that shape huma...
Oriented fuzzy numbers are a convenient tool to manage an investment portfolio as they enable the inclusion of uncertain and imprecise information about the financial market in a portfolio analysis. This kind of portfolio analysis is based on the dis...
In this article, we focus on considering different risk factors influencing the cash flows of a group of companies. A methodology is suggested for approximated consideration of both seasonal and random fluctuations in the environment, which have some...
A range criterion of discounted costs is proposed, which takes into account all costs for a speed-controlled asynchronous electric drive, including its price, costs of losses and maintenance, and amortization charges. It is also possible to take into...
The unprecedented outbreak of COVID-19 has triggered a worldwide economic recession. Consequently, governments are pursuing different stimulus packages to alleviate the resulting pressures. This study examines one such program intended to enhance con...
The inventory level has a significant influence on the cost of process scheduling. The stochastic cutting stock problem (SCSP) is a complicated inventory-level scheduling problem due to the existence of random variables. In this study, we applied a m...
In the target classification based on belief function theory, sensor reliability evaluation has two basic issues: reasonable dissimilarity measure among evidences, and adaptive combination of static and dynamic discounting. One solution to the two iss...
he accurate forecasting of carbon dioxide (CO2) emissions from fossil fuel energy consumption is a key requirement for making energy policy and environmental strategy. In this paper, a novel quantum harmony search (QHS) algorithm-based discounted mea...
To solve the soft sensor modeling (SSMI) problem in a nonlinear chemical process with dynamic time variation and multi-rate data, this paper proposes a dynamic SSMI method based on an autoregressive moving average (ARMA) model of weighted process dat...
Stochastic dynamic programming (SDP) is an optimization technique used in the operation of reservoirs for many years. However, being an iterative method requiring considerable computational time, it is important to establish adequate convergence crit...
Urban e-mobility, seen as a part of complex and multidimensional European Green Deal plan, is essential for cities. However, it cannot be implemented without a common social commitment accompanied by a shared, strong belief in its advantages. Even if...
This paper explores the implications of consumption heterogeneity between domestic and foreign investors on the cross-section of stock returns in a host country. We argue that foreign investors in a small open economy integrated into global financial...
Low-power wide-area networks (LPWANs) constitute a variety of modern-day Internet of Things (IoT) applications. Long range (LoRa) is a promising LPWAN technology with its long-range and low-power benefits. Performance enhancement of LoRa networks is...
In this paper, I argue that there are several different circumstances in which it is rational for human agents not to trust artificial agents (such as ChatGPT). I claim that artificial agents cannot, in principle, be programmed with their own self (n...
In the modern catering business model, restaurants usually use established platforms to promote their food and use two channels to sell their food: online and offline sales. We construct demand functions for online and offline, considering promotion...
Effective energy management techniques are essential for the full utilization of energy in the field of extended-range electric vehicle research, with the goals of lowering energy consumption and exhaust emissions, enhancing driving comfort, and exte...
This paper aims to (1) compare consumers’ preferences between individual products and bundles as well as (2) investigate some of the factors involved in bundle characteristics that may affect consumer’s preferences. Those factors are complementarity,...
Understanding the socio-economic factors that are associated with fishers’ willingness to delay gratification may be useful for designing appropriate fisheries management and conservation policies. We aim to identify the predictors of low discounting...
To improve carbon reduction efficiency, green hotels adopt cash discount incentives to encourage green customer behavior. However, the effectiveness of these incentives in promoting green customer behavior has been controversial. Prior studies argue...
The levelized cost of energy (LCOE) approach has become popular, especially in the field of renewable energy. We argue that when assessing levelized cost of energy, different rates should be used for borrowing and discount rates. We further argue tha...
Our knowledge of discount rates plays an important role both in the discounted cash flow decision-making process and in the later phases of a project’s lifetime. It is useful than both for management and cash-flow monitoring purposes at operati...
This study explored possible associations between adoption discounts, length-of-stay (LOS), and adoption rates for dogs at a municipal (council) shelter in New South Wales (NSW), Australia, over a one-year period (4 April 2023–3 April 2024). Da...
21 February 2021
In the conduction of trials, a common situation is related to potential difficulties in recruiting the planned sample size as provided by the study design. A Bayesian analysis of such trials might provide a framework to combine prior evidence with cu...
In recent years, discount grocery retailers have expanded their global reach and added to their traditional no-frills offerings to also cater to hedonic consumer needs. In addition to a larger product assortment and a more pleasant shopping experienc...
The appraisal of ground mounted photovoltaic systems is an important question, due to increasing investments in renewable energies. The costs related to installation and maintenance, and the economic benefits related to the energy saving, suggests th...
The main aim of this paper was to examine specific approaches to determining the discount rate for comprehensive computation of investment projects efficiency in the oil and gas industry. The objective of the study was to develop a scientific approac...
Wave energy provides a renewable and clear power for the future energy mix and fights against climate change. Currently, there are many different wave energy converters, but their costs of extracting wave energy are still much higher than other matur...
The concept of risk is well known in the energy sector. It is normally recognized when it comes to price and cost forecasting, annual production calculation, or evaluating project lifetime. Nevertheless, it should be pointed out that the quantitative...
With the rise of the sharing economy, shared bicycles have become an important component of urban transportation. This paper explores the nonlinear dual oligopoly system for the Cournot model in the bike-sharing market; both operators have maximized...
Greenhouse peppers are one of the most important crops globally. However, as in any production activity, especially agricultural, they are subject to important risk factors such as price fluctuations, pests, or the use of bad quality water. This arti...
Following the increasing pressure to reduce food waste at supermarkets, many retailers are starting initiatives to prevent the disposal of food items or to manage the waste produced in a more sustainable way. The practice of applying discounts on clo...
We study fluctuations in stock prices using a framework derived from the present value model augmented with a macroeconomic factor. The fundamental value is derived as the expected present discounted value of broad dividends that include, in addition...
This study studies a recently proposed measure of liquidity premium (or discount). Specifically, the liquidity premium we utilize is defined as a function of a time discount factor, a relative risk aversion parameter, and the expected return and vola...
In numerous episodic reinforcement learning (RL) environments, SARSA-based methodologies are employed to enhance policies aimed at maximizing returns over long horizons. Traditional SARSA algorithms face challenges in achieving an optimal balance bet...
In financial markets, irrational behaviors such as hyperbolic discounting and panic selling are prevalent. However, their widespread empirical associations remain unexplored. Numerous behavioral theories discuss how cognitive biases exacerbate panic...
This paper develops an optimizing model for the long-term exploitation of limited natural gas reserves in China. In addition to describing the life cycle characteristics of natural gas production and introducing the inter-temporal allocation theory,...
This paper investigates how the introduction of social preferences affects players’ equilibrium behavior in both the one-shot and the infinitely repeated version of the Prisoner’s Dilemma game. We show that fairness concerns operate as a ”substitute”...
We investigate the importance of bankruptcy risk in discounted cash flow (DCF) equity valuation. Our analyses first show how bankruptcy risk is incorporated in DCF valuation, where investment risk is captured by cash flow certainty equivalents. Withi...
The use of liquefied natural gas (LNG) in the transportation sector is increasing, and boil-off gas (BOG) management systems are considered viable options to increase economic efficiency and reduce greenhouse gas emissions at LNG refueling stations....
The use of polyethylene mulch in vegetable production is considered unsustainable because of its contribution to soil plastic pollution. Plastic biodegradable mulches (BDMs) are a more sustainable option because they are tilled into the soil or compo...
The uniqueness of equilibrium in bargaining games with three or more players is a problem preventing bargaining theory from general real world applications. We study the uniqueness of bargaining equilibrium in a bargaining game of two sellers and two...
This paper examines how to construct subgame-perfect mixed-strategy equilibria in discounted repeated games with perfect monitoring. We introduce a relatively simple class of strategy profiles that are easy to compute and may give rise to a large set...
Using stock return data for the Japanese equity market, for the period from July 1983 to June 2018, we analyze the effect of major nuclear disasters worldwide on Japanese discount rates. For that purpose, we compare the performance of the capital ass...
In this paper, we apply game theory to study the price competition between drugstores and hospitals in China’s pharmaceutical supply chain. Motivated by drug shortages and price disparity problems, we build a simplified model with one supplier,...
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