We studied stochastic versions of the so-called rotation problem in forestry.

We analyze infinite-horizon choice functions within the setting of a simple linear technology. Time consistency and efficiency are characterized by stationary consumption and inheritance functions, as well as a transversality condition. In addition, we consider the equity axioms Suppes-Sen,...

Rank order tournaments are often presented as incentive devices: a tournament in which the hardest working individual gains promotion to the next level in a firms' hierarchy may induce workers to exert extra effort for example. In this paper, we consider a tournament in which workers are...

In this paper the effects on aggregate consumption of changes in the age distribution of the population are analysed empirically. Economic theories predict that age influences individuals’ saving and consumption behaviour. Despite this, age structure effects are rarely controlled for in...