Agricultural land and forestlands can have multiple uses generate sources of utility. Although landowners benefit from most them, society others because their intrinsic characteristics as common-property resources customary practice. In many Italian territories, the picking mushrooms is allowed on privately owned agricultural in forests. The management these challenging due to emerging conflict...

T theory of real options offers an approach for the valuation of investments in real assets, based on the methodology developed for financial options. This approach is especially appropriate in the context of strategic decision making under conditions of uncertainty. This is the case for the valuation of highway concessions, where real options arise from certain clauses of the contracts, for ex...

Black and Scholes (1973) proved that under certain assumptions about the market place, the value of a European option, as a function of the current value of the underlying asset and time, verifies a Cauchy problem. We give new conditions for the existence and uniqueness of the value of a European option by using semigroup theory. For this, we choose a suitable space that verifies some condition...