In the presence of uncertainty and irreversibility, dynamic decision problems should not be solved using expected net present value analysis. The right to delay a decision can be valuable. We show that the value of this right equals Arrow and Fishers (1974) quasi-option value. In a discrete...

In their article "An Arbitrage-Free Approach to Quasi-Option Value" [J.Environm. Econom. Management 35, 103-125, 1998], Coggins and Ramezani interpreted the concept of quasi-option value introduced by Arrow and Fisher [Quart. J. Econom. 88, 1974, 312-319] as being identical to Dixit and...

Conventional measures of gross domestic product (GDP) fail to account for the effect of economic activity on the environment. Integrated environmental-economic (or 'green') GDP is calculated using a data-envelopment-analysis (DEA) framework. For this purpose a dynamic cross-country technology is...

The paper provides a methodology that is feasibly implemented for integrated environmental-economic (or 'green') GDP accounting and productivity measurement. The shadow prices for environmental inputs, which enable us to calculate green GDP and to design a pollution tax scheme and tradable...

The purpose of this paper is to estimate the impact of the new unit-based pricing system (UPS) for food waste on the volume of solid waste collected, accounting for the effect of cross price elasticity and environmental activism. Based on causal inference using a natural experiment with a...

Little theoretical work has been done previously on the welfare valuation of changes in price and quality when consumers are imperfectly informed. The presence of imperfect information is particularly important in the analysis of averting behaviors. We develop a theoretical welfare measure,...

The influence of socioeconomic variables on nutrient intake is studied using nonparametric procedures that admit estimation of multivariate functions. The analysis indicates a nonlinear relation between intake, age, education, and income. Specifically, intake rises with income reaching an...

An inland container port is an intermodal terminal facility that handles containerized shipments at a site away from a seaport(s). Such facility is typically linked to a deep water port by highways and rail, and operates as a container transfer point between different transportation modes. The...

An asymmetric jump-diffusion model of stock price behavior is proposed. In an extension of Merton's (1976), we posit that returns dynamics are determined by a drift component, a Wiener process and two jump processes representing the arrival of quot;goodquot; or quot;badquot; news that lead to...