This paper analyzes the disruption in world oil markets which was triggered by the 1978-79 Iranian revolution. The resultant price rises are explored in the context of the behavior of the spot market and key OPEC ...

Demand and reserve uncertainty are included in a simple model of an exhaustible resource market by allowing the demand function and the reserve level to fluctuate via continuous-time stochastic processes. Thus, producers ...

This paper develops a framework to evaluate the economic value derived from a firm's ability to switch between different modes of production in the face of uncertain prices. The model, cast as a set of simulataneous ...

This paper studies a topical issue: Flexible Manufacturing System (FMS) justification. We contend that current evaluation methods fall short of capturing a key advantage of an FMS: the value of flexibility. We identify ...