We analyze a dynamic and stochastic ecological-economic model of grazingmanagement in semi-arid rangelands. The non-equilibrium ecosystem is driven bystochastic precipitation. A risk averse farmer chooses a grazing management strategyunder uncertainty such as to maximize expected utility from...

Models of socio-environmental or social-ecological systems (SES) commonly address problems requiring interdisciplinary scientific expertise and input from a heterogeneous group of stakeholders. In SES modelling multiple interactions occur on different scales among various phenomena. These scale...

Recent empirical evidence raises doubt about the ability of financial market participants to generate information efficient valuations for capital market instruments whose cash flows are related to residual claims and dependent on real estate income. We contribute to this literature with the...

We develop a comprehensive multi-level approach to ecological economics (CML-approach) which integrates philosophical considerations on the foundations of ecological economics with an adequate operationalization. We argue that the subject matter and aims of ecological economics require a...

Rain-index insurance is strongly advocated in many parts of the developing world to help farmers to cope with climatic risk that prevail in (semi-)arid rangelands due to low and highly uncertain rainfall. We present a modeling analysis of how the availability of rain-index insurance affects the...