What percentage of its assets should a defined benefit pension plan invest into stocks as its funding ratio varies? We show that the answer to this question depends on the institutional setting and in particular on the extent to which the sponsoring company contributes to the fund as the funding...

Payments for eco-system services and nature (words are used synonymously) cannot be treated independently from spatial outlays. We adopt a modified "von Thünen" framework and ask for optimal land allocation in space in case of land rent change and regional preference. Yet, our approach is not...

A model is proposed where economic growth is driven by innovation along the diffusion and adoption of technology from the frontier. Business innovation investments are related to households savings, which generates equilibria with low levels of, and equilibria with high levels of, innovation....