We introduce a fast upper-envelope scan (FUES) method to compute solutions for dynamic programming problems with continuous and discrete choices. The FUES method builds on the standard endogenous grid method (EGM). Standard EGM applied to problems with continuous and discrete choices does not by...

This paper develops an approximate closed-form optimal portfolio allocation formula for a spot asset whose variance follows a GARCH(1,1) process. We consider an investor with constant relative risk aversion (CRRA) utility who wants to maximize the expected utility from terminal wealth under a...

The aim of this study is to determine optimal migration policies for an individual of known age-dependent mortality who accumulates capital by compound interest and also by skill-dependent income. By a continuing choice of several environments, which vary in intrinsic preference and in the rates...

The expanding availability of protein data enforces the application of empirical methods necessary to recognize protein structures. In this paper a sequence-structure alignment method is described and applied to various Ubiquitin-like folded Ras-binding domains. On the basis of two probability...

We estimate a structural life-cycle model of fertility and female labour supply and use it to evaluate the effects of a number of key family policy measures based on data for Germany. Parental leave benefits, child benefits and subsidized childcare are found to have substantial fertility...