This paper analyzes the role of global land-use in determining potential greenhouse gas mitigation by land-based activities in agriculture and forestry. Land-based activities are responsible for over a third of global greenhouse gas emissions, yet the economics of land-use decisions have not been explicitly modeled in global mitigation studies. In this paper, we develop a new, general equilibri...

We study a class of in...nite-horizon nonlinear dynamic economic models in which preferences, technology and laws of motion for exogenous variables can change over time either deterministically or stochastically, according to a Markov process with time-varying transition probabilities, or both. The studied models are nonstationary in the sense that the decision and value functions are time-depe...

It has been argued that investors who optimize their portfolios with attention paid only to mean and standard deviation will all end up choosing some multiple of a certain master fund portfolio. Justification for the capital asset pricing model of classical portfolio theory, which relates individual assets to such a master fund, has come from this direction in particular. Attempts have been mad...

OBJECTIVE Infusion of angiotensin II (Ang II) induces extracellular matrix remodeling and inflammation resulting in abdominal aortic aneurysms (AAAs) in normolipidemic mice. Although Ang II activates mesenchymal cells in the media and adventitia to become fibrogenic, the sentinel role of this mesenchymal population in modulating the inflammatory response and aneurysms is not known. We test the ...

Using a large-scale CGE model, we investigate the short-run and long-run regional economic consequences of a catastrophic event – attack via radiological dispersal device (RDD) – centered on the downtown Los Angeles area. We distinguish two main routes via which such a catastrophic event might affect regional economic activity: (i) reduction in effective resource supply (the resource loss effec...

This paper develops a computable general equilibrium model with overlapping generations [OLG] to analyse the behavioural, welfare and macroeconomic implications of the following hypothetical changes to the age pension means test: (i) abolition of the means test, (ii) 50 percent reduction in the income taper rate and (iii) removal of the labour earnings from the income test. The model features i...

This study develops a multi-region computable general equilibrium model (CGE model) with considering limited factor movement on the regional economy of Yangtze River Delta (YRD) in China. In broadly, YRD is composed of Shanghai City, Jiangsu province, and Zhejiang province. It has been achieved remarkable economic growth in the recent three decades. It was identified as a national-level regiona...

In this paper we describe a numerical solution of the consumer's life-cycle problem based on value function iteration. The advantage of our approach is that it retains the versatility of the value function iteration approach and achieves a high degree of accuracy without resorting to the very computationally burdensome task of calculating a very "ne grid. There are two innovations, the "rst is ...

The goal of this work is to investigate land-use change at the global scale over the long run – particularly in the context of analyzing the fundamental drivers behind land-use related GHG emissions. For this purpose, we identify the most important drivers of supply and demand for land. On the demand side, we begin with a dynamic general equilibrium (GE) model that predicts economic growth in e...