Because conjectural 'thought experiments' can be formalized, refined, and conducted systematically using computers, computational modeling is called for in situations that demand robust quantitative study of phenomena which occur only rarely, or may never occur at all. In light of mounting...

In this paper, we develop an integrated cost-benefit analysis framework for ozone and fine particulate control, accounting for variability and uncertainty. The framework includes air quality simulation, sensitivity analysis, stochastic multi-objective air quality management, and stochastic...

In this paper we present a finite element approximation of a model of a linear stochastic partial differential equation driven by additive and multiplicative white noises. Using the Wick-product properties and the Wiener–Itô chaos expansion, the stochastic variational problem is reformulated...

The main objective of this work is to construct optimal temperature futures from available market-traded contracts to hedge spatial risk. Temperature dynamics are modelled by a stochastic differential equation with spatial dependence. Optimal positions in market-traded futures minimizing the...