In this article, we device a methodology to value water using Fuzzy theory that incorporates not only the physical cost of delivery but also the social and sustainable resource costs that water regulators often ignore. Specifically, we include the cost of water quality, cost of water resource,...

Based on the Merton (1977) put option framework, we develop a deposit insurance pricing model that incorporates asset correlations, a measurement for the systematic risk of a bank, to account for the risk of joint bank failures. Estimates from our model suggest that actuarially fair risk-based...

We present evidence that consumer sentiment has a direct effect on excess aggregate stock returns. We also trace the source of this positive effect and find that public perception over the next year’s economic condition is the most important determinant for the stock market. Our findings...