The paper illustrates a theoretical model of real option value applied to the problem of land development.Making use of the 1998-2001 Kyrgyz Household Budget Survey, we show that when the hypothesis of decreasing return to scale holds, the relation between the threshold value of revenue per...

We examine differences in food security indicators between (rural development program) treated and untreated farmers in the Solomon Islands in the COVID-19 post-treatment period. Our findings show that treated farmers report significantly lower nutrition problems in the pandemic period. We as...

Linking to a growing literature in behavioral economics, this study combines neuroscience, psychology, and behavioral economics to empirically analyze the extent to which academic achievement, the relative weight of rationality vs. fairness in decision-making, and life satisfaction are affected...

We evaluate the impact of climate shocks on household subjective wellbeing on a sample of farmers in a Small Island Developing State (SIDS) of the Pacific (the Solomon Islands). We find that both subjective (self-assessed exposure to climate shocks) and objective (past cumulative extended dry...

This paper tests the hypothesis that portfolio diversification can increase the threat of systemic financial risk. The paper provides first a theoretical rationale for the possibility that systemic risk may be increased by the proliferation of financial instruments that lead operators to hold...

This report illustrates the application of a (relatively) new method to guide decision making under high (and unknowable) levels of uncertainty. The approach allows for the identification of robust policy options that are economically beneficial under different scenarios and varying levels...

This paper investigates the recent evolution of the oil price, with the objective to analyze the main drivers that during last fifteen years have led the unstable path and the volatility persistence in the international oil market. We assume that the oil price is composed by two components,...

In this paper, we explore the effects of dynamic uncertainty on the risk management of regulated industries and emission market. We consider as major sources of uncertainty the stochastic growth of demand for the industry output (e.g. electric energy) and the ensuing lack of information on the...

This paper examines the controversial problem of the choice of the social discount rate in development projects, by focusing on the investment required to adapt to climate change, considering the threats to food security and the needs for human and natural capital, especially for developing...

This paper presents a somewhat novel approach to explore the economic contribution of ecosystems. It develops linked models to capture connections between resource stocks and flows and the resulting micro and macroeconomic impacts. A bioeconomic model is developed that is imbedded into a...