This paper develops and tests a dynamic optimization model of fishermen’s investment behavior in a limited-entry fishery. Because exit from limited-entry fisheries may be irreversible, the fisherman has an incentive to maintain the right to fish (whether by actually fishing or by purchasing an...

In this paper we study optimal taxation in a dynamic game played by a sequence of governments, one for each time period, and a private sector composed of a continuum of households. We focus on the Markov-Perfect equilibrium of this game under two assumptions on the extent of government's...

This paper develops and tests a dynamic optimization model of fishermen's investment behavior in a limited-entry fishery. Because exit from limited-entry fisheries may be irreversible, the fisherman has an incentive to maintain the right to fish (whether by actually fishing or by purchasing an...

The use of particulate filters (DPF) in Diesel engines has become in recent years the standard technology for the control of soot aerosol emissions. Once emissions reduction through the management of filtration and regeneration aspects has reached its maturity, the effect of the system location...

A simple mathematical model of laser drilling is proposed. Assuming axi-symmetry of the process around the axis of the laser beam, a one-dimensional formulation is obtained after cross-sectional averaging. The novelty of the approach relies on the fact that even after dimension reduction, the...

The Escalator Boxcar Train method is used to solve the distributed optimal control problems of forest management numerically. It takes into account intraspecific competition for scarce resources such as light, space, and nutrients during reproduction, growth, and mortality. It provides an...

We present a new and general technique for obtaining closed-form expansions for prices of options in the Heston model, in terms of Black-Scholes prices and Black-Scholes Greeks up to arbitrary order. We then apply the technique to solve, in detail, the cases for the second-order and third-order...

Implicit finite difference methods are conventionally preferred over their explicit counterparts for the numerical valuation of options. In large part the reason for this is a severe stability constraint known as the Courant-Friedrichs-Lewy (CFL) condition which limits the latter class's...

AMS classifications: 35R35; 60G40; 65D15; 90C33;