This paper develops an approximate closed-form optimal portfolio allocation formula for a spot asset whose variance follows a GARCH(1,1) process. We consider an investor with constant relative risk aversion (CRRA) utility who wants to maximize the expected utility from terminal wealth under a...

The request of equal accessibility must be respected to some extent when dealing with problems of designing or rebuilding of emergency service systems. Not only the disutility of the average user but also the disutility of the worst situated user must be taken into consideration. Respecting this...

Occupational choice models predict that, ceteris paribus, countries with higher dispersion of skill will have higher market labour income inequality. However, an extended conclusion from empirical research is that cross-country variations in dispersion of skill explain little of the variation in...

We revisit a service provider's problem to match supply and demand via an online appointment system such as a doctor in the health care sector. We identify in a survey that an extensive set of available appointments leads to significantly less demand because customers infer a lower quality of...

This study investigates the dynamics of a stochastic hyperbolic discounting model in a continuous-time framework to address the complexities associated with the corporate international investment consumption problem (CIICP). By formulating a dynamic programming equation based on the principles...

In this paper we develop a framework to analyze stochastic dynamic optimization problems in discrete time. We obtain new results about the existence and uniqueness of solutions to the Bellman equation through a notion of Banach contractions that generalizes known results for Banach and local...

Human resources are the key factor in the development of countries and regions. They affect the prosperity and competitiveness of the countries and regions. The purpose of the study was to assess the human resource potential in the V4 countries and to identify the groups of regions that share...

This paper studies a dynamic quantile model for intertemporal decisions under uncertainty, in which the decision maker maximizes the τ-quantile of the stream of future utilities, for τ ∈ (0,1). We present two sets of contributions. First, we generalize existing results in directions that are...

This paper describes the results from an evaluation of a public policy that offers scholarships to current and former public high school students, so that they can attend technical and vocational education courses free of charge. We use a waiting list randomized controlled trial in four...

This chapter examines gender inequality, focusing on two critical spheres in which gender inequality is generated: education and work. The objective is to provide a current snapshot of gender inequality across key indicators as well as a dynamic perspective that highlights successes and...