This paper develops a new bivariate Markov regime switching BEKK-GARCH (RS-BEKK-GARCH) model. The model is a state-dependent bivariate BEKK- GARCH model, and an extension of Gray’s univariate generalized regime- switching (GRS) model to the bivariate case. To solve the path- dependency problem...

Scientists and policymakers are increasingly aware that wildfire management efforts should be broadened beyond the century-long emphasis on suppression to include more effective efforts at fuel management. Because wildfire risks change over time as vegetation matures, fuel management can be...