We study the stochastic effect of resource exploration in dynamic Cournot models of exhaustible resources, such as oil. We first treat the case of a monopolist who may undertake costly exploration to replenish his diminishing reserves. We then consider a stochastic game between such an exhaustible producer and a “green” producer that has access to an inexhaustible but relatively expensive sourc...

Biparental care of offspring is both a form of cooperation and a source of conflict. Parents face a trade-off between current and future reproduction: caring less for the current brood allows individuals to maintain energy reserves and increase their chances of remating. How can selection maintain biparental care, given this temptation to defect? The answer lies in how parents respond to change...

Despite the fact that efforts to identify it empirically have largely been futile, the liquidity effect plays a central role in conventional monetary theory and policy. Recently, however, an increasing volume of empirical work [Christiano and Eichenbaum (1992a,b), Christiano,, Eichenbaum and Evans (1994a,b) and Strongin (1995)] has supported the existence of a statistically significant and econ...

In the winter of 1973, some major oil exporting countries joined together to declare an embargo on oil exports to some of the western countries for political reasons. Elated by their success and the realization that they controlled a major share of the oil exports, they subsequently raised the price of oil four-fold and cut back production, thereby obtaining, in the face of an almost inelastic ...

Seventy-three nyalas (Tragelaphus angasii) in the Umfolozi, Mkuzi and Ndumu Game Reserves in northeastern KwaZulu-Natal were examined for arthropod parasites during 1983 and 1984. In addition, six animals were examined during 1994. Ten ixodid tick species, two louse species and a louse fly species were recovered. The nyalas were good hosts of all stages of development of Boophilus decoloratus, ...

wind power generation is variable and uncertain. in the power systems with high penetration of wind power, determination of equivalent operating reserve is the main concern of systems operator. in this paper, a model is proposed to determine operating reserves in simultaneous market clearing of energy and reserve by stochastic programming based on scenarios generated via monte carlo simulation ...