Using fine-scale climate process, we investigated the relationship between extreme surface water runoff and property damages caused by flood in the U.S. Special attention was paid to disentangle effects of extreme weather and social wealth accumulation. We find it is still premature to claim...

This paper analyzes forest carbon offset credits arising under a possible cap-and-trade system in the United States and its effect on net revenue and commodity prices. A real option model determines the optimal switching from agriculture to forestry under uncertainty in both activities. The key...

Mean-Variance theory of portfolio construction is still regarded as the main building block of modern portfolio theory. However, many authors have suggested that the mean-variance criterion, conceived by Markowitz (1952), is not optimal for asset allocation, because the investor expected utility...

Futures markets provide an important outlet for commercial traders to hedge their price risk; in turn, hedgers‟ connections to the physical market provide a foundation of market fundamentals to the futures markets. Participation by hedgers in the futures markets is important for both entities,...

We use hedonic property models to estimate the spatial variation in flood risk perception in the city of Albany, GA. In addition to knowing whether a property lies in the floodplain, we have a unique dataset with actual inundation maps from tropical storm Alberto that hit Albany in 1994. In the...