insu¢cient. We …nd that introducing monitoring and sanctions represents a welfare improvement for reasonable estimates of monitoring costs; this conclusion holds both relative to a system featuring inde…nite payments of bene…ts and a system with a time limit on unemployment bene…t receipt. The optimal

Classical physics and quantum physics suggest two meta-physical types of reality: the classi-cal notion of a objectively de…nite reality with properties "all the way down, " and the quantum notion of an objectively inde…nite type of reality. The problem of interpreting quantum me

algorithms for the inde¯nite generalized

support. The tree harvest problem of forest management is an archetypal investment problem; it involves time, uncertainty, and irreversible actions with consequences in the future. The exercise of the option to cut a tree opens the option of planting a new one or of using the land for alternative purposes. We enrich the tree harvest problem by considering the planting decision too with no cost associated with harvesting or planting. Two tree species are available; their growth is deterministic but their timber unit price is stochastic. In the case of a single rotation, known as the Wicksellian tree harvest problem, the forest manager should plant one species immediately if its price is su ¢ ciently high relative to the price of the other species. However, if prices are close to each other, the manager should wait in order to avoid the mistake of planting the wrong species. Waiting should last until the prices are su ¢ ciently far apart to make the probability of a future price reversal acceptably low. In contrast, when the number of rotations is arbitrarily high, as in Faustmans problem, waiting before planting the new tree, whatever its species, is never optimal once a harvest has taken place. However, the optimal harvest

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the solution of inde nite systems arising in nonlinear

spectral problem with an inde nite weight for an elliptic system

methods, including the additive Schwarz algorithm, the classical multiplicative Schwarz algorithm, an accelerated multiplicative Schwarz algorithm, the tile algorithm, the CGK algorithm, the CSPD algorithm, and also the popular global ILU-family of preconditioners, on some nonsymmetric or inde nite

We study in…nitely repeated two player games with perfect monitoring in which the players have the possibility to make monetary transfers to each other. We show that in order to …nd all Pareto-optimal subgame perfect payo¤s for a given discount factor, one may restrict attention to a special class

This paper investigates the consequences of the currency devalution, both in levels and rates, on the balance of payments in a cash-in-advance economy with …nite horizons, endogenous capital accumulation and international capital immobility. In this context, a once and for all currency devaluation