Electricity generation from renewable energy sources (RES-E) is supposed to increase significantly within the coming decades. However, uncertainty about the progress of necessary infrastructure investments, public acceptance and cost developments of renewable energies renders the achievement of...

Energy generation from intermittent renewable sources introduces additional variability into electrical systems, resulting in a higher cost of balancing against the increased variabilities. Ways to balance demand and supply for electricity include using flexible generation resources, storage...

This paper describes a method for solving a class of forward-looking Markov-switching Rational Expectations models under noisy measurement, by specifying the unobservable expectations component as a general-measurable function of the observable states of the system, to be determined optimally...

These notes provide an intuitive introduction to dynamic programming. The first two Sections, which can be skipped, present the standard deterministic Ramsey model using the Lagrangian approach. Section 3 reformulates the Ramsey problem by means of a Bellman equation, while Section 4 shows how...

Based on a dynamic life cycle model, this study analyzes health-related risks of consumption and old-age poverty. The model allows for health effects on employment risks, on productivity, on longevity, the correlation between health risks, productivity and preferences, and the financial...

The focus of our analysis is on nexus issues among energy use, incomes, employment, investment decisions, and agricultural production for meeting food and feed demands, as well as health-related effects on rural households. As an example we investigate potential policies, such as public...

Workers’absenteeism due to illness represents a major concern in several countries. Absenteeism are however not very well understood in economics. This paper presents a model where absenteeism is understood in relation to health. Its main predictions are (i) intermediate welfare state...

In this paper we study the behavior of optimal paths in dynamic programming models with a strictly convex return function. Such a model has been investigated in Dawid and Kopel (1997) who assume that the growth of a renewable resource is governed by a piecewise linear function. We prove that in...

Monitoring is an important and costly activity in resource management problems such as containing invasive species, protecting endangered species, preventing soil erosion, and regulating contracts for environmental services. Recent studies have viewed optimal monitoring as a Partially Observable...

This paper deals with an endogenous growth model with vintage capital and, more precisely, with the AK model proposed in [18]. In endogenous growth models the introduction of vintage capital allows to explain some growth facts but strongly increases the mathematical difficulties. So far, in this...