This paper examines the effect of risk aversion on the optimal rotation age when the stumpage price is stochastic. Using a mean-variance approach, we show that the optimal rotation age under risk aversion may be lower than, equal to, or higher than the corresponding optimal rotation age under...

In this paper we solve an N N N players differential game with logarithmic objective functions. The optimization problem considered here is based on the Uzawa Lucas model of endogenous growth. Agents have logarithmic preferences and own two capital stocks. Since the number of players is an...

Relaxation algorithms provide a powerful method of finding noncooperative equilibria in general synchronous games. Through use of the Nikaido-Isoda function, the Nash solution to a broad category of constrained, multiplayer, non-zerosum games can easily be found. We provide solutions to some...

This paper examines robustness in international pollution control emerg- ing from the regulator��s concerns regarding possible misspeci��cation of the natural system that is used to model pollution dynamics. Cooperative and noncooperative robust policy rules...