Stochastic Dynamic Programming is used to determine the expected bare land value under the New Zealand ETS (Emissions Trading Scheme) with both log prices and carbon prices following a random walk. This value is substantially higher than the Faustmann NPV. This is in contrast to the situation...

The Special Safeguard Mechanism (SSM) is intended to provide contingent protection to poor farmers in developing countries from negative shocks to import prices or from surges in imports. The effects of stochastic import prices and volumes are analysed in a partial equilibrium framework to...

Managing shipping vessel profitability is a central problem in marine transportation. We consider two commonly used types of vessels--"liners" (ships whose routes are fixed in advance) and "trampers" (ships for which future route components are selected based on available shipping jobs)--and...