The optimal extraction path of fossil fuels and the corresponding corrective tax on extraction are derived when two types of externalities associated with emission of carbondioxide (CO2) are taken into account. The optimal ...

The benchmark CAPM linearly relates the expected returns on an arbitrary asset, an arbitrary benchmark portfolio, and an arbitrary MV frontier portfolio. The benchmark is not required to be on the frontier and may be ...

Suppose there exists a market for yield futures contracts as well as ordinary futures contracts for price. Intuitively one would think that a combined use of yield contracts and and futures price contracts ought to provide ...

This paper focuses on the combined effects of loss factors and zonal pricing in a system that takes as a starting point the procedures of transmission pricing in the Norwegian power system. It interprets the notion of loss ...

In a setting where two managers make relationship- and asset-specific investments, the optimal relational contract specifies the same payments that renegotiations would have led to in a spot mode, plus a fixed transfer and ...

Asset specificity is usually considered to be an argument for vertical integration. The main idea is that specificity induces opportunistic behaviour, and that vertical integration reduces this problem of opportunism. In ...

This paper presents information on the causes and detection of misstatements by auditors and the relationship of those misstatements with information technology (IT). The last major study of misstatements and IT used data ...

Transportation planning in forestry is divided into strategic, tactical and operational depending on the length of the planning horizon. We consider a tactical problem of finding efficient backhauling routes. Given a set ...

The financial turmoil that we have been living with since August 2007 has left central banks, regulators, politicians, and economists with two big, overriding questions: How do we best get out of the crisis and how should ...