Public health implications of COVID-19 resulted in widespread business closures and job losses. Disruptions in the service and transportation sectors, acute reductions in income, and an uptick in unemployment were the outcome of pandemic mitigating procedures adopted by many governments. While...

In this article, we present a procedure for obtaining an optimal solution to the Markowitz's mean-variance portfolio selection problem based on the analytical solution developed in a previous research that lead to the emergence of an important model known as the Black Model. The procedure is...

This note describes methods for solving deterministic and stochastic versions of the discrete-time Ramsey model of economic growth. We derive an iterative procedure for solving the Euler equation and apply it to an example adapted from Pan (2007).

We present an application of the Dynamic Programming (DP) and of the Maximum Principle (MP) to solve an optimization over time when the production function is linear in the stock of capital (Ak model). Two views of capital are considered. In one, which is embraced by the great majority of...

Using a discrete version of the Ramsey Vintage Capital Model, we provide a characterization of the initial capital stocks compatible with a predefined scrapping time and a level of technical progress which generate feasible capital paths. From that characterization, it is proved that for a given...