For simple problems (only) in stochastic storage, analytic solutions are available,and although simulation is available for more difficult problems, in many casesthis is impractically slow. A new system of partial dierential equations (PDEs),derived via techniques used to value options in nance,...

Traditional theories of the origins of the welfare state have emphasized the financial weakness of Britain’s largest provider of mutual insurance in the late 19th century, the friendly societies. These theories share common implications with contemporary theories of institutional change...

By analysing a newly compiled database of exchange rates, this paper finds that Central European financial integration advanced in a cyclical fashion over the fifteenth century. The cycles were associated with changes in the money supply. Long-distance financial integration progressed in...

This study examines a problem of fiscal deficits based on the Ottoman budget of 1275 A.H. (March 1859–February 1860).1 In this period, state debt amassed rapidly due to increased market loans abroad. In order to evaluate the credibility of the Ottoman government for a new loan, Lord Hobart and...

This paper is a case study about investor behaviour of the government of Berne on capital markets in the 18th century, focussing mainly on London. Economic theory about principal-agent problems and portfolio administration will be used to analyse quantitative and qualitative data from government...

In the paper it is inquired how Sudanese women use the financial institutions in order toorganise their lives between market, household, and the community. The results arebased on interviews and observations done in two villages in the surroundings ofOmdurman (Al Gharaza and Sanahir), displaced...

We study the effects of granting an exit option that enables the private party to early terminate a PPP project if it turns out to be loss-making. In a continuous time setting with hidden information about stochastic operating profits, we show that a revenue-maximizing government can optimally...

We study the effects of granting an exit option that enables the private party to early terminate a PPP project if it turns out to be financially loss-making. In a continuous-time setting with hidden information about operating profits, we show that an exit option, acting as a risk-sharing...

A large number of financial assets are traded in both exchanges and over-the-counter markets (i.e., centralized and decentralized markets, CM and DM hereafter, respectively). Moreover, as documented by Biais and Green (2019), the 20th century has witnessed a secular migration of asset trade from...

We examine equilibria in competitive insurance markets with adverse selection when wealth differences arise endogenously from unobservable savings or labor supply decisions. The endogeneity of wealth implies that high risk individuals may ceteris paribus exhibit the lower marginal willingness to...