What is the nature of biodiversity as an economic commodity and why does it matter? How would its conservation contribute economically to our well being? I consider three issues: - Why is biodiversity important from an economic perspective? - hat kind of commodity is it? - oes our usual economic...

The unprecedented growth of mutual funds has raised questions about the impact of mutual fund flows on stockand bond prices. Many believe that the equity bull market of the 1990's is atributable to the huge flows of funds into equity mutual funds during this period, and that a withdrawal of...

There is a widespread recognition that we need to revise our methods of measuring national income to incorporate better the impact of economic activity on environmental assets. Our aim here is to investigate alternative concepts of national income in a dynamic economy, one a generalization of...

I survey and assess the development of continuous-time methods in finance during the last 30 years. The subperiod 1969 to 1980 saw a dizzying pace of development with seminal ideas in derivatives securities pricing, term structure theory, asset pricing, and optimal consumption and portfolio...