Optimal portfolio rules are derived under uncertainty aversion by formulating the portfolio choice problem as a robust control problem. The robust portfolio rule indicates that the total holdings of risky assets as a proportion of the investor’s wealth could increase as compared to the...

The paper examines the economic implications of Bulgaria and Romania recent accession to the EU. The analysis has been carried out by using the GTAP model and database. In a first attempt, the effects of the removal of formal trade barriers and the adoption of common external tariffs are...

We analyze the time derivative of a Ramsey-Koopmans social welfare function (R-K SWF), as an indicator of genuine investment and current change in social welfare (CSW) conditions, when feedback or arbitrary rules are used for selecting policy variables in non-optimizing economies. When policy...

This paper adapts Turing analysis and applies it to dynamic bioeconomic problems where the interaction of coupled economic and ecological dynamics over space endogenously creates (or destroys) spatial heterogeneity. We examine the emergence of traveling wave solutions in open access fishery...

Human economies and ecosystems form a coupled system coevolving in time and space, since human economies use ecosystems services and at the same time affect ecosystems through their production and consumption activities. The study of the interactions between human economies and ecosystems is...

We study insurance and productivity values associated with the Greek Gene Bank (GGB), the largest ex-situ conservation program in Greece. To evaluate the insurance value generated by the holdings of the GGB genetic resources, the current study examined scenarios for alternative arrival...

Nonpoint source (NPS) pollution refers to the form of pollution where neither the source nor the size of specific emissions can be observed and identified with sufficient accuracy. In NPS pollution the ambient concentration of pollutants associated with the individually unobserved emissions is...

Environmental conditions and pollution levels have been proven to affect firms' and households' location decisions in various ways. In this paper, we study the optimal and equilibrium distribution of industrial and residential land in a given region. Industries produce a single good using land...

We introduce knowledge spillovers as an externality in the production function of competitive ��firms operating in a ��nite spatial domain under adjustment costs. Spillovers are spatial as productive knowledge ��flows more easily among firms...

In nonpoint source pollution problems, the regulator does not observe each polluter’s individual emission, which prevents him from using the conventional policy instruments. Therefore, new instruments have been designed to regulate this type of pollution. In an experiment, we compare the...