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When a person is working with large scale Markov Decision Processes, he normally uses the policy iteration approach developed by Howard [1] and modified by White [3]. White's modification makes use of the method of successive approximations. Computational experience has shown that for many processes, the rate of convergence of the successive approximation is very slow. In this paper, techniques for speeding convergence are discussed. Numerical examples and computational experience which show the relative merits of the various approaches are presented.

Corporate Action namely every action of the issuer that gives equal rights to all shareholders such as Dividends, Right Issues and Stock Splits. Dividend is the distribution of company profits to shareholders based on the percentage of ownership of capital owners. Management decisions in seeking new capital or funds through the stock exchange floor are usually for debt repayment actions, company goals, expansion through product innovation in improving and maintaining company stability for better prospects in the future so as to encourage the government to build a better economy in the next period. Corporate action applies to all companies, not limited to public companies. Several forms of corporate action that are generally carried out by issuers include the distribution of dividends, both cash and shares

AbstractPolitical elections exemplify complex decision processes in human populations. Data of proportional elections show a striking feature at different spatial scales, across years, and for several democracies: when ranking the parties according to their number of voters, the amount of votes grows exponentially with the party's rank. We develop a mechanistic mathematical model of birth and death of parties and voter grouping based only on word of mouth and not on political contents, close to neutral models used in evolutionary biology (Ewens sampling formula), or Hubbell's model of species biodiversity. Data and model agree strikingly well. The model explains, for instance, the steady loss of big-tent parties in France and Germany by the increasing number of parties standing for elections. A cannibalism effect (parties/candidates at a given rank systematically withdraw votes from others) can be identified. The interpretation and consequences of the rational or lack thereof of voters' choices for modern democracies are discussed.

Political elections exemplify complex decision processes in human populations. Data of proportional elections show a striking feature at different spatial scales, across years, and for several democracies: when ranking the parties according to their number of voters, the amount of votes grows exponentially with the party's rank. We develop a mechanistic mathematical model of birth and death of parties and voter grouping based only on word of mouth and not on political contents, close to neutral models used in evolutionary biology (Ewens sampling formula), or Hubbell's model of species biodiversity. Data and model agree strikingly well. The model explains, for instance, the steady loss of big-tent parties in France and Germany by the increasing number of parties standing for elections. A cannibalism effect (parties/candidates at a given rank systematically withdraw votes from others) can be identified. The interpretation and consequences of the rational or lack thereof of voters' choices for modern democracies are discussed.

PurposeThis paper describes research that has sought to create a formal and rational process that guides manufacturers through the strategic positioning decision.Design/methodology/approachThe methodology is based on a series of case studies to develop and test the decision process.FindingsA decision process that leads the practitioner through an analytical process to decide which manufacturing activities they should carryout themselves.Practical implicationsStrategic positioning is concerned with choosing those production related activities that an organisations should carry out internally, and those that should be external and under the ownership and control of suppliers, partners, distributors and customers.Originality/valueThis concept extends traditional decision paradigms, such as those associated with "make versus buy" and "outsourcing", by looking at the interactions between manufacturing operations and the wider supply chain networks associated with the organisation.

This work of imaginative splendour is the product, in the first place, of Israel Kirzner's magnificient effort in designing, directing and editing a symposium in honour of Ludwig von Mises. Its contents illustrate the presence still of giants in our profession: Lachmann with fifty years of fame; James Buchanan and Stephen Littlechild who lead the van of to‐day's subjectivism. The level of excellence is carried down the list by brilliant minds: Stephan Boehm, Mario Rizzo, Lawrence White, Brian Loasby and many others.