We first derive a one state variable partial differential equation, easy to implement, which caracterizes the price of a European type Asian option (that is the exercice only takes place at the exercice date). This result is explained and related to previous literature. We then derive new...

This paper investigates the determinants of the structure of the banking industry by fitting a monopolistic competition model to a sample of banks drawn from eight EEC countries over 1989-1993. In the theoretical model, banks decide strategically both entry and the branching size of thier...

This paper studies optimal investment in different types of electric plants. Neither future fuel prices nor future demand are known. Furthermore, we take into account explicitly the problems of management of the peak load and of the decrease of efficiency of plants used for long periods. A two...