On the system of rational difference equations x(n) = A+(1)over-bar y(n-p), y(n) = A+(gamma(n-1))over-bar x(n-r)y(n-5)

In this paper, we study the behavior of the positive solutions of the system of two difference equations [GRAPHICS] where p >= 1, r >= 1, s >= 1, A >= 0, and x(1-r), x(2-r),..., x(0), y(1-max) {p.s},..., y(0) are positive real numbers. (c) 2005 Elsevier Inc. All rights reserved.

Judgments, forecasts and decisions: an analysis of fund managers over time

Decision theory is the study of models of judgement involved in, and leading to, deliberate and (usually) rational choice. In real estate investment there are normative models for the allocation of assets. These asset allocation models suggest an optimum allocation between the respective asset classes based on the investors’ judgements of performance and risk. Real estate is selected, as other assets, on the basis of some criteria, e.g. commonly its marginal contribution to the production of a mean variance efficient multi asset portfolio, subject to the investor’s objectives and capital rationing constraints. However, decisions are made relative to current expectations and current business constraints. Whilst a decision maker may believe in the required optimum exposure levels as dictated by an asset allocation model, the final decision may/will be influenced by factors outside the parameters of the mathematical model. This paper discusses investors' perceptions and attitudes toward real estate and highlights the important difference between theoretical exposure levels and pragmatic business considerations. It develops a model to identify “soft” parameters in decision making which will influence the optimal allocation for that asset class. This “soft” information may relate to behavioural issues such as the tendency to mirror competitors; a desire to meet weight of money objectives; a desire to retain the status quo and many other non-financial considerations. The paper aims to establish the place of property in multi asset portfolios in the UK and examine the asset allocation process in practice, with a view to understanding the decision making process and to look at investors’ perceptions based on an historic analysis of market expectation; a comparison with historic data and an analysis of actual performance.

Rational speculative bubbles: an empirical investigation of the London Stock Exchange

In recent years, a sharp divergence of London Stock Exchange equity prices from dividends has been noted. In this paper, we examine whether this divergence can be explained by reference to the existence of a speculative bubble. Three different empirical methodologies are used: variance bounds tests, bubble specification tests, and cointegration tests based on both ex post and ex ante data. We find that, stock prices diverged significantly from their fundamental values during the late 1990's, and that this divergence has all the characteristics of a bubble.

Path planning of robots in noisy workspaces using learning automata

The problem of a manipulator operating in a noisy workspace and required to move from an initial fixed position P0 to a final position Pf is considered. However, Pf is corrupted by noise, giving rise to Pˆf, which may be obtained by sensors. The use of learning automata is proposed to tackle this problem. An automaton is placed at each joint of the manipulator which moves according to the action chosen by the automaton (forward, backward, stationary) at each instant. The simultaneous reward or penalty of the automata enables avoiding any inverse kinematics computations that would be necessary if the distance of each joint from the final position had to be calculated. Three variable-structure learning algorithms are used, i.e., the discretized linear reward-penalty (DLR-P, the linear reward-penalty (LR-P ) and a nonlinear scheme. Each algorithm is separately tested with two (forward, backward) and three forward, backward, stationary) actions.

Rational intuitionism

In this paper I give a critical overview of the views of the main Rational Intuitionists from 18th to 20th century.

Intrinsic and rational speculative bubbles in the U.S. housing market 1960-2011

This paper examines the dynamics of the residential property market in the United States between 1960 and 2011. Given the cyclically and apparent overvaluation of the market over this period, we determine whether deviations of real estate prices from their fundamentals were caused by the existence of two genres of bubbles: intrinsic bubbles and rational speculative bubbles. We find evidence of an intrinsic bubble in the market pre-2000, implying that overreaction to changes in rents contributed to the overvaluation of real estate prices. However, using a regime-switching model, we find evidence of periodically collapsing rational bubbles in the post-2000 market

The system identification and control of Hammerstein system using non-uniform rational B-spline neural network and particle swarm optimization

In this paper a new system identification algorithm is introduced for Hammerstein systems based on observational input/output data. The nonlinear static function in the Hammerstein system is modelled using a non-uniform rational B-spline (NURB) neural network. The proposed system identification algorithm for this NURB network based Hammerstein system consists of two successive stages. First the shaping parameters in NURB network are estimated using a particle swarm optimization (PSO) procedure. Then the remaining parameters are estimated by the method of the singular value decomposition (SVD). Numerical examples including a model based controller are utilized to demonstrate the efficacy of the proposed approach. The controller consists of computing the inverse of the nonlinear static function approximated by NURB network, followed by a linear pole assignment controller.

Shaping children’s mobilities: expectations of gendered parenting in the English rural idyll

This paper explores the impact of local parenting practices and children's everyday use of public space within two villages in the rural South West of England, an issue that has been underexplored in recent research. Drawing upon the concept of hybridity, it explores the interplay between the social, natural and material in shaping local cultures of rural parenting. The paper begins by drawing upon recent research on parenting in the global North, the gendering of rural space and hybridity to show how these bodies of work can be interlinked to better understand rural parenting practices and norms. Through empirical research that focused on the relationships between gendered parenting strategies, idealised notions of rural motherhood and materiality, the paper explores the diverse ways in which a group of working and middle-class mothers construct and define ideas about their children's lives and mobilities. Whilst dominant discourses of rurality focus upon the idyll, and gendered identities of rural women still remain within the domestic sphere, so we examine how these deeply embedded notions of ‘normality’ can be powerful social tools in rural villages, mobilised through discourses of materiality and anxiety. In our conclusions, we argue that the hybrid integration of the material and social provides a useful framework for understanding the everyday geographies of rural parenting.