"This paper presents a dynamic model of a public pension fund's choice of portfolio risk. Optimal portfolio allocations are derived when pension fund management maximize the utility of wealth of a representative taxpayer or when pension fund management maximize their own utility of compensation....

We analyze collusion under demand uncertainty by cartels such as OPEC that care about the utility derived from profits by citizens. When citizens are sufficiently risk averse and fixed operating costs are non-trivial, it becomes difficult for cartels to collusively restrict output both when...

In the deregulated fuels market, biofuels and fossil fuels are close competitors and substitutes. Thus, biofuel producers are subject to risks due to volatile crude oil and biofuels feedstock prices. This paper proposes a two-sector fuel market with competing oil refinery and biofuel sectors,...

We investigate whether virtual water trade may alleviate the initial unequal distribution of hydric resources. On average, countries that are relatively abundant (with respect to capital) in the combined availability of water and arable land are, in absolute terms, scarce in capital and rich in...