In this paper, we solve two problems related to growth and survival probability maximization of an economy. We assume that the problems are subject to the stochastic net worth model introduced by Fleming and Stein (2004) and apply the techniques of stochastic optimal control theory in order to...

In this paper, we solve two problems related to growth and survival probability maximization of an economy. We assume that the problems are subject to the stochastic net worth model introduced by Fleming and Stein (2004) and apply the techniques of stochastic optimal control theory in order to...

This paper investigates the relationship between per capita human capital investment and the fertility rate. In the first part of the article we analyze a theoretical model with endogenous birth rate in which we do not make any assumption on how fertility directly affects per capita human...

The paper involves the analysis of the seeds of the recent debt crisis that occurred in the Eurozone area. For the analysis we use the model of Fleming and Stein (2004). This model has two risk drivers arising from uncertainties in the return on capital and the effective rate of return on net...

This paper investigates the relationship between per-capita human capital investment and the birth rate. Since the consequences of higher fertility (birth rate) on per-capita human capital accumulation (the so-called dilution effect) are not the same (in sign and magnitude) across different...

The paper involves the analysis of the seeds of the recent debt crisis that occurred in the Eurozone area. For the analysis we use the model of Fleming and Stein (2004). This model has two risk drivers arising from uncertainties in the return on capital and the effective rate of return on net...