The fundamental equation of asset pricing states that the expected timeand risk-adjusted cumulative return on any asset equals one at all horizons. This paper shows that for a typical asset, the realized timeand risk-adjusted cumulative return tends to zero with probability one. Just two assumptions are required: limited liability and no arbitrage. This apparent paradox is resolved by a further...

This paper contributes to scholarship on adaptive water governance (AWG), following policy reforms in South Africa, through a focus systemic feedbacks for learning and adaptation as critical aspects of AWG. We draw insights from three innovative evolving experiments. In 1998 Africa adopted integrated resources management (IWRM) transformative approach achieving an equitable, sustainable, decent...

Rising water scarcity in agriculture has been a major concern worldwide. As resource managers seek to address this issue, Integrated Water Resources Management (IWRM) become widely accepted sustainability paradigm. The purpose of study is evaluate restoration alternatives irrigation tanks by applying multi-criteria and probabilistic benefit–cost analysis for rural watershed India. We incorporat...