We consider the problem of maximizing terminal utility in a model where asset prices are driven by Wiener processes, but where the various rates of returns are allowed to be arbitrary semimartingales. The only information available to the investor is the one generated by the asset prices and, in...

We introduce knowledge spillovers as an externality in the production function of competitive firms operating in a finite spatial domain under adjustment costs. Spillovers are spatial as productive knowledge flows more easily among firms located nearby. When knowledge spillovers are not...

We introduce knowledge spillovers as an externality in the production function of competitive ��firms operating in a ��nite spatial domain under adjustment costs. Spillovers are spatial as productive knowledge ��flows more easily among firms...

In Folge der steigenden Nachfrage nach ethischen Kapitalanlagen stehen die Unternehmen vor der Herausforderung, neben den typischen monetären Zielen auch Umweltschutzziele in die Investitionsbewertung einbeziehen zu müssen. Bestehende Ansätze der Investitionsbewertung unter Berücksichtigung...

Forest management aims at building ecological networks that minimize the impacts on timber production. We formalize the construction of ecological networks in forest environments as the optimal control dynamic graph-theoretic problem. The ecological network is based on a set of bioreserves and...

Rainwater harvesting, consisting in collecting runoff from precipitation, has been widely developed to stop groundwater declines and even raise water tables. However this expected environmental effect is not self-evident. We show in a simple setting that the success of this conjunctive use...

This paper is concerned with the classic topic of intertemporal resource economics: the optimal harvesting of renewable natural resources over time by one and several resource owners with conflicting interests. The traditional management model, dating back to Plourde (1970), is extended towards...

Government environmental regulations, along with increasing awareness and demand from customers for firms to be sustainable, are driving firms to implement new technologies to enhance the sustainability practices of their firms. Given a finite implementation horizon and a target improvement...

We consider a general adverse selection model as an optimal control problem with mixed constraints. We prove that under broad conditions the optimal contract exists and is continuous.

In this paper we claim that the disadvantage in the pollution control is not primarily the accumulated stock of pollutants, which is an accomplished fact, but the use of the available inputs in production in conjunction with the available equipment are the sources of pollutants accumulation. In...