This paper examines the impact that a currency target zone has on short-term interest rates. For a number of countries in the European Monetary System, we characterize the short rate using a regime-switching model that allows fbr a differently parameterized mean-reverting square-root process in...

The term structure of interest rates is often summarized using a handful of yield factors that capture shifts in the shape of the yield curve. In this paper, we develop a comprehensive model for volatility dynamics in the level, slope, and curvature of the yield curve that simultaneously...

The only way resources can be efficiently allocated in our market system is if prices of resources, goods, and services properly reflect their true value to society. However, because of (a) imperfections in the pricing mechanisms that currently influence private-sector decision making; (b) the...

National laboratories have limited resources to devote to the transfer of government-funded technologies to the commercial sector. Companies, too, face resource constraints in their attempt to identify and assimilate innovations which fit with their strategic objectives. For these reasons,...

The reality of protected area management is that enforcing forest and parkboundaries is costly and so most likely incomplete, due in part to the pressures exerted on the boundaries by local people who often have traditionally relied on the park resources. Buffer zones are increasingly being...

En este trabajo presentamos un modelo en el que las actividades extractivas referidas a un recurso natural renovable, si son abusivas, generan algún tipo de reacción social que modifica las preferencias sociales. Esta modificación es tenida en cuenta por el planificador a la hora de decidir...

A multi-dimensional, non-linear dynamic model in continuous time is presented for the purpose of finding the optimal combination of exploitation and capital investment in optimal renewable resource management. Non-malleability of capital is incorporated in the model through an asymmetric...

We present a bioeconomic model of a harvesting industry operating over a heterogeneous environment comprised of discrete biological populations interconnected by dispersal processes. The model generalizes the H. S. Gordon [1954]/V. Smith [1968] model of open-access rent dissipation by accounting...