This chapter provides the economic perspective to implementing integrated water resources management and describes the valuation techniques and economic instruments that have been developed and are available to help price water efficiently, and allocate it to it�s...

The present study attempts to estimate the shadow price of unextracted groundwater in the Vozvozi aquifer. In the context of this study, we model the production function of vertically integrated agricultural firms in terms of an input-oriented distance function with multiple inputs. Duality...

This paper aims at identifying the motivating forces that gave birth to the statistical models of asset returns since the beginning of the twentieth century. The major question addressed is: Where do statistical models of asset returns come from?" This central question encompasses a number of...

In this chapter we develop an interdisciplinary methodology for identifying water-related ecosystem functions into ecosystem services for humans, which are then monetarily evaluated using market and non-market valuation methods. We then apply this methodology to selected case studies on inland...

This paper investigates the implications of time-varying betas in factor models for stock returns. It is shown that a single-factor model (SFMT) with autoregressive betas and homoscedastic errors (SFMT-AR) is capable of reproducing the most important stylized facts of stock returns. An empirical...

This paper aims at identifying the motivating forces that gave birth to the statistical models of asset returns since the beginning of the twentieth century. The major question addressed is: Where do statistical models of asset returns come from?" This central question encompasses a number of...

Time-varying GARCH-M models are commonly employed in econometrics and financial economics. Yet the recursive nature of the conditional variance makes exact likelihood analysis of these models computationally infeasible. This paper outlines the issues and suggests to employ a Markov chain Monte...

In this paper we are concerned with the issue of the existence of locally uniform Edgeworth expansions for the distributions of parameterized random vectors. Our motivation resides on the fact that this could enable subsequent polynomial asymptotic expansions of moments. These could be useful...

We consider a robust control model for a spatially distributed commercial fishery under uncertainty, and in particular a tracking problem, i.e. the problem of robust stabilization of a chosen deterministic benchmark state in the presence of model uncertainty. The problem is expressed in the form...

We present methods and tools that can be used to study dynamic environmental resource management in a spatial setting, to explore spatially dependent regulation, and to understand pattern formation.In particular we present the maximum principle and its use in the context of the emerging frontier...