We solve the problem of a social planner who seeks to minimize inequality via transfers with a fixed public budget in a distribution of exogenously given incomes. The appropriate solution method depends on the objective function: If it is convex, as in the case of the absolute mean deviation, it...

This paper examines the retirement decision, optimal investment, and consumption strategies under an age-dependent force of mortality. We formulate the optimization problem as a combined stochastic control and optimal stopping problem with a random time horizon, featuring three state variables:...

The aim of this paper is to compare different environmental policies for cost-effective habitat conservation on agricultural lands, when the desired spatial pattern of reserves is a random mosaic. We use a spatially explicit mathematical programming model which studies the farmers' behavior as...