Optimal control theory is employed to characterize the socially optimal trajectory of the royalty per channel and the number of royalty-paying users of state-owned spectrum for broadcasting. The spectrum royalty is set by an omniscient public planner to maximize the sum of the discounted...

The intrinsic comparative dynamics of a ubiquitous class of optimal control problems with a time-varying discount rate and time-distance discounting are derived and shown to be characterized by a positive semidefinite matrix. It is also shown that the said comparative dynamics are invariant to...

We establish four necessary and sufficient conditions for the existence of the Averch-Johnson effect in a generalized version of their famous model of the rate-of-return regulated firm. The four necessary and sufficient conditions are then compared to the two stronger sufficient conditions for...

A mood-utility link is incorporated into a theory of rational consumption and investment in personal health, whereby one’s mood worsens as instantaneous utility falls below a threshold but improves as instantaneous utility rises above it. The analysis is conducted within an intertemporal...

A new approach to testing a generalized Hotelling theory of a nonrenewable resource extracting firm is developed. In contrast to approaches extant, it (i) permits empirical testing of all the refutable implications of the theory, (ii) does not require estimates of, or data on, the shadow value...

type="main" <title type="main">ABSTRACT</title> <p>The intrinsic comparative statics properties of a general rate-of-return regulated, profit-maximizing model of a monopolist facing a command-and-control pollution constraint are derived. Recent advances in the theory of comparative statics are used to derive the basic...</p>

An exhaustive comparative statics analysis of a model of a monopolistic firm facing price-cap regulation and a variety of commonly implemented command-and-control environmental regulations is carried out. The comparative statics are intrinsic to each of the models and thus form their basic,...

Locust swarms hit subsistence-staple-crop-growing households at random and are not privately controllable. An aerial-spraying optimal control model that supports the said households' livelihood at least expected cost is therefore developed. The qualitative properties of the model are analysed...