In this paper we present a theory of health investment when there are multiple causes of death. Since there are several risks "competing" for one's life, the health investments in avoiding different causes of death are not independent in general. We analyze the optimal investment rules and the...

In this paper, we rank the relative importance of the exogenous parameters upon the optimal harvesting size in a stochastic rotation problem. We show that when the tree growth follows geometric Brownian motion, the harvesting size is most elastic to the harvesting cost, followed by the interest...

In this paper we show that we can replace the assumption of constant discount rate in the onesector optimal growth model with the assumption of decreasing marginal impatience without losing major properties of the model. In particular, we show that the steady state exists, is unique, and has a...