Our goal is to analyze the system of Hamilton-Jacobi-Bellman equations arising in derivative securities pricing models. The European style of an option price is constructed as a difference of the certainty equivalents to the value functions solving the system of HJB equations. We introduce the...

The paper contributes to the discussion on whether real interest rates smaller than real growth rates can be taken as evidence of dynamic in- efficiency that calls for scal interventions. A seemingly killing objection points to the presence of land, a non-produced durable asset whose value...

There are severe issues of public open space (POS) underinvestment and overexploitation. However, few studies have been conducted on the property rights structure and its impacts on rural commons governance, specifically concerning local neighbourhood residential POS quality and sustainability....