We develop a conceptual framework for valuing biodiversity from an economic perspective. We consider biodiversity important because of a number of characteristics or services that it provides or enhances. We argue for a dynamic economic welfare measure of biodiversity that complements the...

We explore the idea of regime switching as a new methodological approach in the analysis of the emission-income relationship. A static smooth transition regression model is developed with fixed-effects. The basic idea is that when some threshold is passed, then the economy could move smoothly to...

We formulate two kinds of sustainability criteria by using feedback and arbi- trary rules for selecting policy variables in non optimizing economies. We show that when policy variables are selected arbitrarily their accounting prices could determine sustainability in addition to the accounting...

We explore the idea of regime switching as a new methodological approach in the analysis of the emission - income relationship. We formalize the idea by using a simple static model of profit maximization where above a threshold income level a more stringent environmental policy induces a...

The paper jointly models the evolution of compliance with regulation and the evolution of a CPR stock, by combining replicator dynamics describing compliance with harvesting rules, with resource stock dynamics. This evolutionary approach suggests that coexistence, in long run equilibrium, of...

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...

Farming activity is modeled under an intervention policy regime, combining the environmental requirements of the Council Nitrates Directive (91/676/EEC) and the compensatory provisions of the second pillar of the Common Agricul- tural Policy. The optimizing behavioural rule along with the...

The vast majority of research related to optimal asset allocation strategies in the presence of transaction costs, requires formulation of highly sophisticated numerical schemes for the estimation of no-transaction bands; moreover, the optimization objectives examined are far less compared to...

This article examines a tracking problem, similar to the one presented in Pliska and Suzuki (Quantitative Finance, 2004): an investor would keep constant proportions of her wealth in different assets if markets were frictionless; however, in the presence of fixed and proportional transaction...