We consider an extension of the classical secretary problem where a decision maker observes only the relative ranks of a sequence of up to N applicants, whose true values are i.i.d. U[0,1] random variables. Applicants arrive according to a homogeneous Poisson Process, and the decision maker...

We extend economic analysis of the nuclear power industry by developing and employing three tools. They are 1) compilation and unification of operating and accounting data sets for plants and sites, 2) an abstract industry model with major economic agents and features, and 3) a model of nuclear...

The relationship between growth and pollution is studied through a vintage capital model, where new technology is more environmentally friendly. We find that once the optimal scrapping age of technologies is reached, an economy may achieve two possible cases of sustainable development, one in...

The profitability of power plant investments depends strongly on uncertain fuel and carbon prices. In this doctoral thesis, we combine fundamental electricity market models with stochastic dynamic programming to evaluate power plant investments under uncertainty. The application of...

We introduce learning in a Brock-Mirman environment and study the effect of risk generated by the planner's econometric activity on optimal consumption and investment. Here, learning introduces two sources of risk about future payoffs: structural uncertainty and uncertainty from the anticipation...

Models of agricultural economics typically operate at an annual basis or in a static equilibriumframework where inputs, outputs and their prices may change considerably. Production dynamics,however, imply that models relying on spatial and temporal aggregation do not capture the effects...

Introduction of foot and mouth disease (FMD) into country typically initiates eradication procedures which remove animals from the market, and halts the export of livestock products from the infected country. The magnitude of these effects can be highly uncertain. This paper presents a...

An optimising model is developed to determine the .sequence of total allowable catches of western mackerel which would result in the maximum present value of the stream of annual rents. It is found that the optimal steady state fishing mortality would be one half to one third of recent levels....