Optimal portfolio rules are derived under uncertainty aversion by formulating the portfolio choice problem as a robust control problem. Using a constant relative risk aversion (CRRA) utility function, we present the solution of the robust portfolio choice problem in the cases of one and two...

The evolution of renewable resources is characterized in many cases by different time scales where some state variables such as biomass, may evolve relatively faster than other state variables such as carrying capacity. Ignoring this time scale separation means that a slowly changing variable is...

Optimal portfolio rules are derived under uncertainty aversion by formulating the portfolio choice problem as a robust control problem. The robust portfolio rule indicates that the total holdings of risky assets as a proportion of the investor’s wealth could increase as compared to the...

The present paper examines the use of information provision financed by the revenues of existing environmental taxation in the case of products that generate damages to the consumers of these products as well as an environmental externality. We show that when information provision is used alone...

The joint evolution of participation and compliance of farmers in a public VA, along with the evolution of the pollution stock is examined. Replica- tor dynamics, modeling participation and compliance, are combined with pollution stock dynamics. Fast-slow selection dynamics are used to capture...