This article explores the profit-sharing aspects of codevelopment agreements and focuses specifically on the nature of the city's financial involvement. Cities are increasingly using a vast array of financial mechanisms, including loan paybacks, participatory leases, and equity participations, to give them a more direct financial stake in projects. Sagalyn examines the financial structures of several codevelopment projects throughout the country.
Federal cutbacks in urban aid in the 1970s forced cities to finance redevelopment projects with their own resources. Freed from federal rules and regulations, cities responded with invention, devising new financial strategies that proved to be powerful alternatives to direct federal aid. The process that fostered the solutions—public-private dealmaking—transformed the nature of city development practice, raising with it troublesome issues of accountability. This article describes these financial strategies and the nature of public subsidies in the deals.
This study reports on the ex-post performance of survivor REITs and RECs over a 14.5-year period covering several business cycles. The results show that the systematic risk and risk-adjusted returns of REITs and RECs are quite different, especially during periods of low growth in real GNP. Relative to the overall stock market, survivor REITs, in particular, equity REITs, exhibited less volatility and higher returns than previous studies revealed.
We consider a single-server queueing system with Poisson arrivals and general service times. While the server is up, it is subject to breakdowns according to a Poisson process. When the server breaks down, we need to repair the server immediately by initiating one of two available repair operations. The operating costs of the system include customer holding costs, repair costs and running costs. The objective is to find a corrective maintenance policy that minimizes the long-run average operating costs of the system. The problem is formulated as a semi-Markov decision process.
This article treats the dynamic lot size model with quantity discount in purchase price. We study the problem with two different cost structures: the all-units-discount cost structure and the incremental-discount cost structure. We solve the problem under both discount cost structures by dynamic programming algorithms of complexity O(T3) and O(T2), respectively, with T the number of periods in the planning horizon.
We consider distribution systems with a depot and many geographically dispersed retailers each of which faces external demands occurring at constant, deterministic but retailer specific rates. All stock enters the system through the depot from where it is distributed to the retailers by a fleet of capacitated vehicles combining deliveries into efficient routes. Inventories are kept at the retailers but not at the depot.
PASTA (Poisson Arrivals See Time Averages) is a term coined by R. Wolff in his well known 1982 paper. In keeping with Wolff's terminology, we use the term anti-PASTA to refer to the following converse of PASTA. Given that arrivals do indeed see time averages, when must the arrival process necessarily be Poisson? We show that anti-PASTA is satisfied in a pure-jump Markov process, provided that the arrival process corresponds to a subset of the Markov process jumps.