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We obtain a recursive formulation for a general class of optimization problems with forward‐looking constraints which often arise in economic dynamic models, for example, in contracting problems with incentive constraints or in models of optimal policy. In this case, the solution does not satisfy the Bellman equation. Our approach consists
Albert Marcet, Ramon Marimon
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Do Transaction Costs and Risk Preferences Influence Marketing Arrangements in the Illinois Hog Industry? [PDF]
Risk reduction and transaction costs are often used to explain contracting in the U.S. hog industry with little empirical support. Using a unified conceptual framework that draws from risk behavior and transaction cost theories, in combination with ...
Jason R.V. Franken +2 more
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A pandemic is a force majeure event, and contracting parties can invoke conditions under force majeure to minimize liability for unforeseen, uncontrollable, and unavoidable circumstances. This study develops a conceptual model to assist in the management
Aaron Anil Chadee +6 more
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TreatJS: Higher-Order Contracts for JavaScript [PDF]
TreatJS is a language embedded, higher-order contract system for JavaScript which enforces contracts by run-time monitoring. Beyond providing the standard abstractions for building higher-order contracts (base, function, and object contracts), TreatJS's ...
Keil, Matthias, Thiemann, Peter
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The construction industry in the Kingdom of Saudi Arabia (KSA) is a significant sector in the Middle East, with annual expenditures surpassing USD 120 billion.
Reda Abdelshafy Abougamil +2 more
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Smart Contracts Contracts [PDF]
This paper explores the connection between software contracts and smart contracts. Despite the assonance, these two terms denote quite different concepts: software contracts are logical properties of software components, while smart contracts are programs executed on blockchains. What is the relation between them?
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Residents completing colon and rectal surgery training should take seriously the terms of contracts offered to them. Contracts should specify how and how much salary will be paid, what benefits the surgeon will receive, and what services are to be provided.
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Contract Design for Energy Demand Response [PDF]
Power companies such as Southern California Edison (SCE) uses Demand Response (DR) contracts to incentivize consumers to reduce their power consumption during periods when demand forecast exceeds supply.
Ma, Hongyao +2 more
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Emulsion cold mix asphalt in the UK: A decade of site and laboratory experience
Cold mix asphalt manufactured using bitumen emulsion, by its very nature, has struggled to gain market penetration in the UK due to lack of design guidance and specifications and the need to comply with prevailing hot mix asphalt specification ...
Dennis Day +2 more
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Muscle cells are designed to generate force and movement. There are three types of mammalian muscles-skeletal, cardiac, and smooth. Skeletal muscles are attached to bones and move them relative to each other. Cardiac muscle comprises the heart, which pumps blood through the vasculature.
H Lee, Sweeney, David W, Hammers
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