We analyze a dynamic and stochastic ecological-economic model of grazingmanagement in semi-arid rangelands. The non-equilibrium ecosystem is driven bystochastic precipitation. A risk averse farmer chooses a grazing management strategyunder uncertainty such as to maximize expected utility from...

In this paper, we investigate the external effects of the parent's de-cisions on the number of newly born children and the firm's decisions on theamount of polluting emissions that occur in industrial production. We employan optimal control model which comprises three stock variables...