In 2009 Iowa farmers had the opportunity to enroll in a new revenue support programcalled ACRE. A survey showed that those who did enroll desired more risk protection andbelieved that payments from ACRE would exceed the value of direct payments forfeited.Operators who did not enroll said the...

We present a duality concept for a class of stochastic dynamic optimization problems thatespecially includes models of investment under uncertainty. This concept allows us to deriveexplicit characterizations of optimal investment behavior from an adjustment cost model withexpectations described...

[...]This article is organized as follows. In the next section, wediscuss the basics of deferred settlement systems, and in Section 3we describe the systems used in our simulations. In Section 4,we describe the performance metrics and results of the basicsimulations, and in Section 5 we conduct...

The rapid growth of e-commerce and the Internet has led tothe development of new payment mechanisms capableof tapping the Internet’s unique potential for speed andconvenience. A recent and especially successful exampleof such a development is the personal on-line payment:a mechanism that uses...