This paper analyzes the main uncertainty of college saving - the child’s ability - in the context of the saving with learning model. The first section develops a dynamic model combining asset accumulation and learning to explain the parents’ forward-looking saving behavior when they are...

Petroleum exploration in Brazil is performed throughout a bidding process coordinated by the National Petroleum Agency (NPA), where the exploration and production (E&P) firms need to evaluate concessions performing financial and economic analyses routinely. Since oil is a public resource with...

In this paper, we extend the usual models of irreversible investment under uncertainty by introducing the stock of public capital as an input for the private sector. Public investment takes place in a stochastic environment. Public capital then increases the productivity of private capital which...