An option-pricing model is developed to rank investments that might improve water quality. The model presumes that two investment options exist that have the potential to alter the stochastic drift of a pollutant. The investments have capital and operating costs and are irreversible once...

Ecologists and anthropologists have had a long-standing interest in the settlement and evolution of isolated islands, particularly Easter Island. The open access model is often used to describe the evolution of a human population and its resource base. Unfortunately, an open access model, with...

We pose several Knapsack Problems (KPs) to select the optimal subset of wines subject to budget and quantity constraints. The first problem seeks the subset of wines, from a single cultivar (zinfandel) that maximizes the sum of ratings subject to a budget constraint. We modify this problem by...

Conflicts are emerging between humans and wildlife populations adaptable to the high density of humans found in urban and suburban areas. In response to these threats, animal control programs are typically designed with the objective of establishing and maintaining a stable population. This...

Option-pricing is used to evaluate the sequence and timing of wilderness preservation, resource extraction, and development. Resource extraction or development results in the permanent destruction of wilderness and the loss of an amenity dividend. Resource extraction does not preclude subsequent...

"Fisher (1904, p. 387) defined capital as "a stock (of wealth or property, or the value of either) existing at an instant of time." Fisher's conception of capital is inextricably linked to time. The value of a capital asset is derived from its potential to provide a flow of benefits through the...