Our paper contributes to the literature by extending the theory of the mean-variance (MV) rules for both risk averters and risk lovers to the MV rule for investors with reverse S-shaped utility. To do so, we first introduce the definition of the MV rule for investors with reverse S-shaped...

We establish convexity of a nonrenewable resource extracting agent's value function in the future interest rate, a random variable. A preference by the agent for future interest uncertainty follows. A rational expectations, m identical firm industry equilibrium is characterized and the links...

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A group of firms issuing equity claims on its capital stock have all capital as an exhaustible resource. We introduce such firms into the set of n firms who have issued equities in the Capital Asset Pricing Model (CAPM) and observe how the interaction of demand for oil by users and demand for...