We introduce a numerical method to solve stochastic optimal control problems, which are linear in the control. We facilitate the idea of solving two-point boundary value problems with spline functions in order to solve the resulting dynamic programming equation. We then show how to effectively...

In this article, we study the situation, where by partial privatization a private company is given the opportunity to invest into a government owned business. After payment of an initial instalment cost, the private company's investments are flexible within a range $[0,k]$ until the business is...

We adapt the evolutionary stock market model from Evstigneev, Hens, Schenk-Hoppeacute; (2006) to a continuous time framework, where uncertainty in dividends is produced by a single Wiener process. The setup is therefore significantly different from Yang and Ewald (2008), who also study continuous...

We consider Merton's version of the Solow model Merton (1975), where capital per labor is assumed to follow the diffusion process: dk(t)=[sf(k(t))-(n lambda-sigma2)k(t)]dt sigmak(t)dW(t), with constant per capital savings rate s. Merton defined a golden rule in this context as one for which...

An interpretation of the conflict between male and female parents during the process of caring for their common offspring by means of Game Theory was given in Houston and Davies. [A.I. Houston, N.B. Davies, The evolution of cooperation and life history in the dunnock Prunella modularis, in: R.M....

We combine and extend two existing lines of research in game theoretic studies of fisheries. The first line of research is the inclusion of the aspect of predation and the consideration of multi-species fisheries within classical game theoretic models of fisheries and goes back to Quirk and...