This paper develops a lean-against-the-wind rule for setting low-skill immigration quota. The construction of this rule takes into account the factors governing the supply of and demand for low-skill immigrants, illegal immigration, border enforcement and the host-country's level of unemployment.

A socially desirable number of royalties-paying users of state-owned broadcasting spectrum is derived within an optimal control framework that allows free entry and exit. The analysis takes into account the trade-off between the benefits from higher variety and royalties’ revenues and the...

A socially desirable number of royalties-paying users of a state-owned broadcasting spectrum is derived within an optimal control framework where the adjustment of the number of users to above-normal profits is adversely affected by sunk costs. The optimal control takes into account the tradeoff...

This paper develops a rule for setting periodically and internationally a carbon-dioxide atmospheric stock limiting tax in a world inhabited by expected utility maximizing stakeholders facing diminishing mean and increasing variance of their output level due to climate change. The stakeholders...

A socially desirable number of royalties-paying users of a state-owned broadcasting spectrum is derived within an optimal control framework where the adjustment of the number of users to above-normal profits is adversely affected by sunk costs. The optimal control takes into account the tradeoff...

Early-age enlistment increases a small country's potential army size and thereby its attack-deterrence capacity. However, physical and psychological injuries and, ultimately, death generate a loss of quality-adjusted life-years that reduces the net benefit from early-age enlistment. The net...

An expected-net-national-benefit-maximizing enlistment-age is analytically derived for small countries engaged in external conflicts by considering the effects of the enlistment age on army size, probability of war, military performance, forgone civilian output, remunerations in the case of...