This paper extends Turing analysis to standard recursive optimal control frameworks in economics and applies it to dynamic bioeconomic problems where the interaction of coupled economic and ecological dynamics under optimal control over space creates (or destroys) spatial heterogeneity. We show...

In this paper, we make use of the Sobolev space W 1,1 (R +, R n) to derive at once the Pontryagin conditions for the standard optimal growth model in continuous time, including a necessary and sufficient transversality condition. An application to the Ramsey model is given. We use an order ideal...

The present paper is concerned with the optimal control of stochastic differential equations, where uncertainty stems from one or more independent Poisson processes. Optimal behavior in such a setup (e.g., optimal consumption) is usually determined by employing the Hamilton-Jacobi-Bellman...

We study a fractional stochastic perturbation of a first-order hyperbolic equation of nonlinear type. The existence and uniqueness of the solution are investigated via a Lax–Oleĭnik formula. To construct the invariant measure we use two main ingredients. The first one is the notion of a...

Homelessness is part of the lives of many people. But almost no one is homeless for all or most of his or her life. The median shelter homeless spell is well under a month, and even “chronic homelessness” officially entails spells of a year or so. I model homelessness as part of people’s...

Most evaluations of ecological effects of petroleum contamination have related impacts to effects on the supply of products and services of importance to human cultures. In order to facilitate the decision making process in the event of crude oil spills into marine environments, this paper...