This paper discusses a disequilibrium cobweb model of price of aquatic products, and applies predictive control theory, so that the system operates stably, and the deviation between supply and demand of aquatic products smoothly tracks the pre-given target. It defines the supply and demand...

This paper analyzes the impact of consumer uncertainty on optimal fiscal policy in a model with capital. The consumers lack confidence about the probability model that characterizes the stochastic environment and so apply a max-min operator to their optimization problem. An altruistic fiscal...

This paper investigates the implications of model uncertainty for the equity premium in a stochastic volatility model. We consider a general equilibrium setting with one representative agent who has a stochastic differential utility. The results show that the equilibrium equity premium consists...