Volkswirtschaftliche Modelle werden heute häufig als mikro-fundierte dynamische Optimierungsmodelle konstruiert. Dabei wird meist ein repräsentativer Agent mit rationalen Erwartungen betrachtet. Durch adaptive Lernalgorithmen können rationale Erwartungen als Ergebnis von optimierendem...

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....

In the first chapter, I consider the institutional structures as well as the doctrines typically encountered in the surface water sector. To investigate the sources and methods of government support in the water sector, I categorize different sorts of government support according to the location...

Although take-it-or-leave-it pricing is the main mode of operation for many retailers, a number of retailers discreetly allow price negotiation when some haggle-prone customers ask for a bargain. At these retailers, the posted price, which itself is subject to dynamic adjustments in response to...

By using a broker, the owner of a house can speed up his search for buyers but must pay a percentage of the sale price as a commission. Nonstationarities inherent in the housing market may make it optimal to market a house “by-owner” at the outset and to retain a broker only if the house...

In this paper we consider a firm that employs heterogeneous workers to meet demand for its product or service. Workers differ in their skills, speed, and/or quality, and they randomly leave, or turn over. Each period the firm must decide how many workers of each type to hire or fire in order to...