This article discusses the discount rate to be used in projects that aimed at improving the environment. The model has two di¤erent goods, one is the usual consumption good whose production may increase exponentially, the other is an environmental good whose quality remains limited. The stylized world we describe is fully determined by four parameters, re‡ecting basic preferences "ecological" a...

In this paper, we settle three basic questions concerning the Gutt–Hutchings capacities from [11] which are conjecturally equal to Ekeland–Hofer [7, 8]. Our primary result settles a version of recognition question [4], in negative. We prove that together with volume do not constitute complete set symplectic invariants for star-shaped domains smooth boundary. particular, construct family such do...

December 8, 2008 Abstract. In this paper, we investigate the Merton portfolio management problem in the context of non-exponential discounting. This gives rise to time-inconsistency of the decision-maker. If the decision-maker at time t = 0 can commit his/her successors, he/she can choose the policy that is optimal from his/her point of view, and constrain the others to abide by it, although th...

We establish the existence and uniqueness, in bounded as well unbounded Lipschitz type cylinders of forms UX×VY,t Ω×Rm×R, weak solutions to Cauchy-Dirichlet problems for strongly degenerate parabolic operatorL:=∇X⋅(A(X,Y,t)∇X)+X⋅∇Y−∂t, assuming that A=A(X,Y,t)={ai,j(X,Y,t)} is a real m×m-matrix valued, measurable function such A(X,Y,t) symmetric, uniformly elliptic. Subsequently we solve contin...

Motivated by the behavior of asset prices, trading volume and price volatility during historical episodes of asset price bubbles, we present a continuous time equilibrium model where overconfidence generates disagreements among agents regarding asset fundamentals. With short-sale constraints, an asset owner has an option to sell the asset to other overconfident agents when they have more optimi...

Intro: risk sharing Our paper introduces three innovations with respect to the standard literature. First, labor supply is explicitly recognized and modeled as an endogenous variable, that responds to exogenous shocks. Actually, one of the main topic of the paper is precisely to investigate how adverse income shocks trigger changes in labor supply at the household, and possibly at the risk shar...

Torsion is an important testing modality commonly used to calculate structural properties of long bones. However, the effects of size and geometry must be excluded from the overall structural response in order to compare material properties of bones of different size, age and species. We have developed a new method to analyze torsional properties of bones using actual cross-sectional informatio...

To the best of our knowledge, the study of the local symplectic invariants of submanifolds of Euclidean space was initiated by Chern and Wang in 1947, [6]. They considered mainly the case of curves and hypersurfaces, and obtained structure equations defining a set of local symplectic differential invariants for these objects. We should explain at this stage that by “symplectic invariants” we me...

Symplectic capacities were introduced in 1990 by I. Ekeland and H. Hofer [19, 20] (although the first capacity was in fact constructed by M. Gromov [40]). Since then, lots of new capacities have been defined [16, 30, 32, 44, 49, 59, 60, 90, 99] and they were further studied in [1, 2, 8, 9, 17, 26, 21, 28, 31, 35, 37, 38, 41, 42, 43, 46, 48, 50, 52, 56, 57, 58, 61, 62, 63, 64, 65, 66, 68, 74, 75...