The main feature of the penalty schemes described in current sentencing guidelines is that the fine is based on the accumulated gains from cartel activities or price-fixing activities for the firm. The regulations suggest modeling the penalty as an increasing function of the accumulated illegal...

This paper presents a fairly general treatment of recursive infinite horizon forward looking optimizing systems on infinite dimensional spatial domains. It includes optimal control, an analysis of local stability of spatially flat optimal steady states and development of techniques to compute...

We study an economy in which the rate of change of population depends on population policy decisions. This requires population as well as capital as state variables. By showing the algebraic relationship between the shadow price of the population and the shadow price of the per capita capital...

Economic phenomena are interrelated. From a growth perspective, time analysis concerning the choices of present and future consumption and the choices between the allocation of scientific resources should be combined with a space analysis regarding the dissemination of economic activity through...

The paper develops an optimal control model to analyse various management options for infectious diseases that occur in metapopulations, under both Nash and cooperative behaviour. As pathogens are renewable resources with negative value, the problem may be non-convex. Since the disease can be...

A method for evaluating the reliability of policy recommendations derived from a linear dynamic structural econometric model in the framework of the linear quadratic control problem has been recently proposed by Friedmann (1980, 1981). The method analytically derives the asymptotic distribution...

We prove that under standard Lipschitz and growth conditions, the value function of all optimal control problems for one-dimensional diffusions is twice continuously differentiable, as long as the control space is compact and the volatility is uniformly bounded below, away from zero. Under...

This article develops a theoretical framework to examine the relationship between land tenure agreements and households’ investment in land improvement and conservation measures. It then analyzes this relationship with a multivariate probit model based on a survey data from a sample of 560...

In the article we present some extension for the classical problem of dynamic investment optimization. We take the neoclassical model of growth with one product and many consumption goods. The number of consumption goods can be infinite and the consumption bundle is defined on some abstract,...

We consider an ecosystem management problem where managers can use habitat creation and predator removal to conserve an endangered species. Predator removal may become particularly important in the face of habitat loss, and ecosystem management strategies that ignore the influence of habitat are...