This paper studies energy conversion technology adoption in the electricity supply sector from the perspective of irreversible investments under uncertainty, and with a particular interest in environmental sustainability. We develop a dynamic technology adoption model that is firmly rooted in...

We propose a model of food allocation in an economy in which property rights exist in human beings. We assume that a slave-owner allocates food over the slave's lifetime so as to maximise his own wealth. The slave's productive capacity is determined endogenously by food consumption. Food...

The purpose of this paper is to measure productive efficiencies when a firm employs quasi-fixed inputs that cannot be instantaneously adjusted to their optimal levels. To this end, data envelopment analysis (DEA) is extended to a dynamic framework so that investment behavior can be modelled with...

We study here optimal management of dynamic ecological systemsthat exhibit a destabilizing positive feedback. The prototypeexample is that of a shallow lake in which phosphorous loadingplaced by anthropogenic activities (fertilizers for farmingand gardening) is stored in sediments until a...

We analyse how progressive taxation and education subsidies affect schooling deci- sions when the returns to education are stochastic. We use the theory of real options to solve the problem of education choice in a dynamic, life-cycle consistent, stochastic model. We show that education...

A central focus in the study of lek evolution is to understand the clustering of male mating territories. Lekking males typically defend small clumped territories and experience intense competition associated with dense aggregations. We used dynamic state variable modeling to evaluate three...

This note provides a simple proof of the necessity of the transversality condition for the differentiable reduced-form model. The proof uses only an elementary perturbation argument without relying on dynamic programming. The proof makes it clear that, contrary to common belief, the necessity of...