We estimate the market value of clean air by examining the impact of air pollution on property prices. We use a three-dimensional Reynolds-stress turbulence model to simulate the air pollution level of each housing unit in high-rise buildings located in a small, densely populated area of Hong...

We show in general that risky investments become more attractive asthe investment horizon (n) lengthens.Specifically, any investor's maximal expected utility directlyincreases with n, as well as the investor's willingness toallocate more capital to the risky assets if his optimal strategy...

This paper uses a nonparametric test based on the Arc-Sine Law (see e.g. Feller (1965)), which involves comparing the theoretical distribution implied by an intraday random walk with the empirical frequency distribution of the daily high/low times, in order to address the question of whether or...