This paper incorporates the concept of real option into a modified Harris–Todaro model to investigate the relationship between higher education and unemployment rates. We found that the real option value of waiting to invest in graduate school education will decrease when the expected wage...

This paper examines the existence of the mean-reverting behavior of the consumption-income ratio from a panel of 24 OECD countries through the application of the series-specific SURADF panel unit root test. The results show that the consumption-income ratios in 22 OECD countries exhibit...

This landmark book covers a range of issues concerning the consequences of terrorist attacks. Beginning with a discussion of new policies and strategies, it then delves into specific areas of concern, modeling a range of possible scenarios and ways to mitigate or pre-empt damages.

Recent natural and manmade disasters have had significant regional economic impacts. These effects have been muted, however, by the "resilience" of individual businesses and of regional markets, which refers to the inherent ability and adaptive responses that enable firms and regions to avoid...

Lotteries can be used to meet shortages in military-manpower-demanding situations before and during a large-scale war. By developing a new lottery mechanism that is fair in that everyone has the same success rate, the approach adopted in this paper is able to outperform the traditional lottery...

One of the most important issues related to sustainability is to reduce the use of fossil fuels due to the reduction in greenhouse gases (GHG) emission. Nuclear power results in low carbon emissions and is thus important to mitigating the adverse effects of global warming and climate change....