In 2014, the city of Flint, MI in the U.S. changed its public water source, resulting in severe water contamination and a public health crisis. Using the Flint Water Crisis as a natural experiment, we estimate the effect of in utero exposure to polluted water on health at birth. Matching vital...

Flint changed its public water source in 2014, causing severe water contamination. We estimate the effect of in utero exposure to polluted water on health at birth using the recent Flint water crisis as a natural experiment. Matching vital statistics birth records with various sources of data,...

This paper is concerned with optimal multi-period asset-liability mean-variance portfolio selection with an uncertain exit time. By extending the current mean-field theory and proposing two dimensional mean-field formulation, the analytical optimal strategies and efficient frontiers are...

When we implement a portfolio selection methodology under a mean-risk formulation, it is essential to correctly model investors' risk aversion which may be time-dependent, or even state-dependent during the investment procedure. In this paper, we propose a behavior risk aversion model, which is...

When a dynamic optimization problem is not decomposable by a stage-wise backward recursion, it is nonseparable in the sense of dynamic programming. The classical dynamic programming-based optimal stochastic control methods would fail in such nonseparable situations as the principle of optimality...