Dynamic programming is the essential tool in dynamic economic analysis. Problems such as portfolio allocation for individuals and optimal economic growth are typical examples. Numerical methods typically approximate the value function. Recent work has focused on making numerical methods more...

We introduce a novel simulated certainty equivalent approximation (SCEQ) method for solving dynamic stochastic problems. Our examples show that SCEQ can quickly solve high-dimensional finite- or infinite-horizon, stationary or non- stationary dynamic stochastic problems with hundreds of state...

Legumes, which currently show low production levels in the European Union, can reduce negative environmental externalities of agricultural systems by lowering nitrogen (N) fertilization and increasing protein self-sufficiency. This has led to the introduction of coupled support in France, in...

We develop a simple model of managing a system subject to pollution damage under risk of an abrupt and random jump in the damage coefficient. The model allows the full dynamic characterization of the optimal emission policies under uncertainty. The results, that imply prudent behavior due to...

Water is a key input to agricultural production and therefore fluctuations in water availability may impact agricultural productivity and revenue. Climate science tells us that most of these fluctuations are increasingly resulting from intra-year, instead of interyearly, shifts in the timing and...

When a disaster strikes an area, often international assistance is requested to help responding to and recovering from the disaster. The response is often characterized by the dispatch of relief items to the affected regions via depots from Humanitarian Logistics Service Providers (HLSPs). One...