The study of asset price characteristics of stochastic growth models such as the risk-free interest rate, equity premium, and the Sharpe-ratio has been limited by the lack of global and accurate methods to solve dynamic optimization models. In this paper, a stochastic version of a dynamic...

We consider an optimally managed renewable resource with stochastic non-concave growth function. We characterize the conditions under which the optimal policy leads to global extinction, global conservation and the existence of a safe standard of conservation. Our conditions are specified in...

We present a deterministic model that specifies lane direction in a multi-laned bridge that has a movable barrier that divides the two directions of traffic flow, in order to reduce congestion. A probabilistic dynamic programming formulation for a stochastic extension of the model is also...