We study models of credit with limited commitment, which implies endogenous borrowing constraints. We show that there are multiple stationary equilibria, as well as nonstationary equilibria, including some that display deterministic cyclic and chaotic dynamics. There are also stochastic (sunspot) equilibria, in which credit conditions change randomly over time, even though fundamentals are dete...

Information on the productivity, costs and applications of the logging system is a key component in the evaluation of management plans for the rehabilitation and utilization of Caspian forests. Skidding and road construction costs are expensive forest operations. Determining the optimum forest road network density is one of the most important factors in sustainable forest management. Logging me...