The problems of "nations within states", the "coming anarchy", and the "restoration of collapsed states" have been widely discussed of late. This paper addresses the third problem by documenting the complex implementation problems face by the Ethiopian Governemnt as it seeks to reconstruct a...

A firm-level sequential investment model is developed to analyze how uncertainty about environmental policies in the future affects current investment decisions. Three specific policies are considered -- a pollution tax, an investment credit in the presence of liquidity constraints, and a...

The typical assumption about cash flows in perpetuity is not appropriate in practical project appraisal because the length of project life is always finite. In this paper, I present and discuss the calculation of multiperiod financial discount rates for a project with a finite life and no...