We solve the optimal consumption and investment problem in an incomplete market, where borrowing constraints and insurer default risk are considered jointly. We derive in closed-form the optimal consumption and investment strategies. We find two main results with quantitative analysis. On the...

This paper investigates the optimal retirement of an individual in the presence of involuntary unemployment risks and borrowing constraints in a complete market with frictions. We use an intensity model and loading factors to illustrate the involuntary unemployment risks and frictions in...

<section xml:id="fut21648-sec-0001"> Psychological barriers are prevalent among various asset classes, and it is important to consider their impact on the prices of derivative securities. This paper demonstrates the potential existence of such barriers on the S&P 500 Index and examines their impact on this index's rate of return...</section>

This research forecasts peak call volume to allow a centralized call center to minimize staffing costs. A Gaussian copula is used to capture the dependence among nonnormal distributions. Peak call volume can be easily and more accurately predicted using the marginal probability distribution with...

The effect of aggregation on estimates of stochastic frontier functions is considered. Inefficiency is assumed associated with the individual units being aggregated. In this case, the aggregated data have a closed skew normal distribution. Estimating the parameters of a closed skew normal...

The Journal of Cooperatives (formally titled the Journal of Agricultural Cooperation) was published as a print journal from 1986 to 2003. The journal resumed publication as an electronic journal in 2007. This article provides a short history of the journal, analyzes trends in authorship,...

Drought impact both producers and agribusinesses. This study investigates the impacts of the 2004-2007 droughts on Oklahoma grain handling and fertilizer supply firms. The results indicated an average decline in firm revenues of 30%. Individual firms had single year revenue declines of 85% and...