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Academic literature on the topic 'Bounds on steady state social utility'

Author: Grafiati
Published: 6 September 2023

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Journal articles on the topic "Bounds on steady state social utility"

1

Shneer, Seva, and Alexander Stolyar. "Stability and moment bounds under utility-maximising service allocations: Finite and infinite networks." Advances in Applied Probability 52, no. 2 (June 2020): 463–90. http://dx.doi.org/10.1017/apr.2020.8.

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AbstractWe study networks of interacting queues governed by utility-maximising service-rate allocations in both discrete and continuous time. For finite networks we establish stability and some steady-state moment bounds under natural conditions and rather weak assumptions on utility functions. These results are obtained using direct applications of Lyapunov–Foster-type criteria, and apply to a wide class of systems, including those for which fluid-limit-based approaches are not applicable. We then establish stability and some steady-state moment bounds for two classes of infinite networks, with single-hop and multi-hop message routes. These results are proved by considering the infinite systems as limits of their truncated finite versions. The uniform moment bounds for the finite networks play a key role in these limit transitions.
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2

Knapp, Keith C. "Exhaustible Resource Allocation, Intergenerational Equity, and Sustainability." Agricultural and Resource Economics Review 25, no. 1 (April 1996): 60–67. http://dx.doi.org/10.1017/s1068280500000083.

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An OLG model with exhaustible resources and solar energy is developed, and equilibrium time paths are characterized numerically using recursive methods. For the parameter values considered, resource prices increase over time, and extractions, output, and utility decline over time until a steady-state is reached. Decreasing the intertemporal elasticity of substitution or raising consumers' subjective discount rate hastens exhaustion of the resource stock. Market equilibrium can result in much quicker use of the stock than social optimality under a constant discount rate, with consequent higher utility for early generations and lower utility for future generations in contrast to social optimality.
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3

Momota, Akira, Tomoya Sakagami, and Akihisa Shibata. "Reexamination of the Serendipity Theorem from the stability viewpoint." Journal of Demographic Economics 85, no. 1 (March 2019): 43–70. http://dx.doi.org/10.1017/dem.2018.21.

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AbstractThis paper reexamines the Serendipity Theorem of Samuelson (1975) from the stability viewpoint, and shows that, for the Cobb–Douglas preference and CES technology, the most-golden golden-rule lifetime state being stable depends on parameter values. In some situations, the Serendipity Theorem fails to hold despite the fact that steady-state welfare is maximized at the population growth rate, since the steady state is unstable. Through numerical simulations, a more general case of CES preference and CES technology is also examined, and we discuss the realistic relevance of our results. We present the policy implication of our result, that is, in some cases, the steady state with the highest utility is unstable, and thus a policy that aims to achieve the social optima by manipulating the population growth rate may lead to worse outcomes.
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Lopez-Garcia, Irvin, Cesar S. Lopez-Monsalvo, Oscar Gomez-Gonzalez, Mauricio Sanabria-Villamizar, Francisco Beltran-Carbajal, and Rafael Escarela-Perez. "On the Regulation of Wind Energy Conversion Systems Working as Conventional Generation Plants." Mathematics 11, no. 11 (May 29, 2023): 2495. http://dx.doi.org/10.3390/math11112495.

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In this work, we obtain bounds for the wind speed interval in which a wind energy conversion system can be regulated in a similar manner to a conventional power generation plant. In particular, we conducted a steady-state analysis of a wind turbine coupled to a doubly fed induction generator (DFIG) that delivers power according to the electric grid requirements, and in a safe manner. In this sense, our main contribution is twofold. On the one hand, it involves expanding the secure operation window by adjusting the gearbox ratio, thus improving the reliability of the utility of grid integration. On the other hand, the WECS is controlled within new, safe wind speed intervals through a passivity-based controller and a proportional–integral controller, showing adequate performances in both cases.
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5

Cutler, David M., Amber Jessup, Donald Kenkel, and Martha A. Starr. "Valuing Regulations Affecting Addictive or Habitual Goods." Journal of Benefit-Cost Analysis 6, no. 2 (2015): 247–80. http://dx.doi.org/10.1017/bca.2015.44.

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The analysis of regulations affecting addictive or habitual goods has drawn considerable controversy. Some studies have suggested that such regulations have only small welfare benefits, as consumers value these goods despite health benefits from quitting, while other studies suggest that information or behavioral problems make existing consumption decisions a poor guide to welfare evaluation. We examine potential utility offsets to health benefits of regulations affecting addictive or habitual goods theoretically and empirically. Our analysis focuses on individuals who consume these goods only, ignoring other social costs and benefits. Theoretically, we show the importance of several factors including: money saved in addition to health improvements; differentiating steady-state utility losses from short-term withdrawal costs; lack of utility loss for people dissuaded from starting to consume the good; and accounting for utility consequences of explicit or implicit cost increases. Our empirical analysis considers regulations that affect smoking. To measure the welfare cost of smoking cessation, we divide the population into those with more and less rational smoking behavior and use the valuation of smoking from more rational smokers to impute values of losses for less rational smokers. Our results show that the utility cost of smoking cessation is small relative to the health gains in people for whom withdrawal costs are the main utility loss of quitting, and even among people who have some ongoing loss, the utility offsets represent 20%–25% of the health gains. While marginal smokers induced to quit by regulations can be expected to have low or no steady-state loss, even this higher estimate is far below prevailing estimates of the utility cost of smoking used by the Food and Drug Administration and other analysts.
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6

Jacobs, Joshua A., Aaron M. Kolb, and Curtis R. Taylor. "Communities, Co-ops, and Clubs: Social Capital and Incentives in Large Collective Organizations." American Economic Journal: Microeconomics 13, no. 3 (August 1, 2021): 29–69. http://dx.doi.org/10.1257/mic.20180359.

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We study a continuous-time organization design problem. Each member’s output is an imperfect signal of his underlying effort, and each member’s utility from remaining in the organization is endogenous to other members’ efforts. Monetary transfers are assumed infeasible. Incentives can be provided only through two channels: expulsion following poor performance and respite following good performance. We derive the steady state distribution of members’ continuation utilities for arbitrary values of the initial and maximum continuation utilities and then optimize these values according to organizational objectives. An optimally designed organization can be implemented by associating continuation utilities with a performance-tracking reputation system. (JEL Z13, D23, D86, P13, D82)
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7

Mathieu-Bolh, Nathalie. "COULD OBESITY BE CONTAGIOUS? SOCIAL INFLUENCE, FOOD CONSUMPTION BEHAVIOR, AND BODY WEIGHT OUTCOMES." Macroeconomic Dynamics 24, no. 8 (March 20, 2019): 1924–59. http://dx.doi.org/10.1017/s1365100519000051.

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This paper contributes to explaining the obesity epidemic and finding a potential remedy. We build a theoretical model of food consumption decisions that accounts for social influence. In our model, individuals’ rationality is affected by an endogenous social weight norm, which influences their calorie consciousness and perceived survival chances. Individuals are conformist, and the degree of conformism describes the extent to which individuals’ discounted utility is influenced by the social weight norm. With an endogenous social weight norm reflecting a heavier and heavier average body weight, we show that a high degree of conformism to the social norm could explain the obesity epidemic. In this environment, a government intervention decreasing energy density is ineffective at reducing steady-state body weight. This result could explain why this type of government dietary intervention seems to have had no effect on obesity, and suggests that the same type of intervention through the Food Stamps Program would be ineffective on its own. We also find that in the steady state, individuals can be overweight or underweight depending on their degree of conformism relative to the education they receive about the healthy weight. While education programs focusing on either diet or exercise have had moderate success, we show that focusing on healthy weight education could combat social influence and reduce obesity.
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8

Li, Busheng, Qi Li, Yidan Wu, Haiyue Chen, and Zehang Zhang. "Research on the Optimal Asset Allocation Decision of Chinese Retirees from the Perspective of Health." BCP Business & Management 26 (September 19, 2022): 254–61. http://dx.doi.org/10.54691/bcpbm.v26i.1934.

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This paper constructs an optimal asset allocation decision model for retirees based on the characterization of the CRRA utility function and health stock, and uses the Ramsey equation to obtain the optimal intertemporal asset allocation under steady-state conditions. Combining with the actual situation of Chinese retirees, the theoretical model is numerically simulated and analyzed. The results show that different health shock intensities lead to different asset allocation decisions. Based on the research results, this paper puts forward relevant suggestions on how to make optimal asset allocation decisions for retirees and how the government formulates social policies to cope with the aging society.
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9

Macpherson, Wayne G., James C. Lockhart, Heather Kavan, and Anthony L. Iaquinto. "Kaizen: a Japanese philosophy and system for business excellence." Journal of Business Strategy 36, no. 5 (September 21, 2015): 3–9. http://dx.doi.org/10.1108/jbs-07-2014-0083.

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Purpose – The purpose of this paper is to develop a definitive and insightful working definition of kaizen for practitioners and academics in the West through which they may better understand the kaizen phenomenon and its intangible but critical underpinning philosophy. Design/methodology/approach – A phenomenological study of the utility of kaizen within in the bounds of active kaizen environments in name Japanese industrial organisations was conducted over a three-year period in Japan. The research explored how Japanese workers acknowledge, exercise, identify and diffuse kaizen in a sustainable manner. Findings – Kaizen is found to be a broad philosophical approach to work that serves different purposes for different members of the organisation, where no universal definition appears to exist yet differing ideologies are tolerated. Kaizen in Japan has a considerably deep meaning: it channels worker creativity and expressions of individuality into bounded environments, and creates an energy that drives a shared state of mind among employees to achieve proactive changes and innovation in the workplace. Originality/value – This paper competently bridges the Japanese-Anglosphere cultural divide in social and business contexts. It contributes to the development of practitioner understanding of the utility of kaizen in Japan through unhindered cross-cultural research methodology, enabled by researcher competency and fluency in Japanese language and culture.
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10

Tian, Ruiling, Xinyu Wu, Liuqing He, and Yunna Han. "Strategic Analysis of Retrial Queues with Setup Times, Breakdown and Repairs." Discrete Dynamics in Nature and Society 2023 (April 27, 2023): 1–19. http://dx.doi.org/10.1155/2023/4930414.

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This paper considers a repairable M/M/1 retrial queueing model with setup times. Once the system is empty, the server will be closed down to reduce operating costs. And the system will be activated only when a new customer arrives. The customer who activates the server will enter the retrial orbit waiting to reapply for service. The server may break down during the busy period. First, the steady-state probability of the model is obtained by using the probability generating function method. And we derive performance measures of the system such as the queue length of the orbit, the numerical examples are given to show the sensitivity of the performance measures. Second, the cost function is established to find the minimum cost of the system, and we study the effects of some parameters on the cost by numerical examples. Finally, from the perspective of the customer and social planner, we construct the individual utility function and the social welfare function in the almost and fully unobservable cases, and then the optimal strategy of the customers is analyzed.
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