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Oil Price Shocks and Stock Return Predictability
(Discussion paper;13/09, Working paper, 200911)Recent research has documented that oil price changes lead the aggregate market in most industrialized countries, and has argued that it represents an anomaly  an underreaction to information that investors can profit ... 
Oil Prices and the Renewable Energy Sector
(Discussion paper;15/17, Working paper, 20171114)Energy security, climate change, and growing energy demand issues are moving up on the global political agenda, and contribute to the rapid growth of the renewable energy sector. In this paper we investigate the effects ... 
On revenue and welfare dominance of ad valorem taxes in twosided markets
(Discussion paper, Working paper, 200909)A benchmark result in public economics is that it is possible to increase both tax revenue and welfare by making a monopoly subject to ad valorem taxes rather than unit taxes. We show that such revenue and welfare ... 
On the consistency of the Lucas pricing formula
(Discussion paper, Working paper, 200504)In order to find the real market value of an asset in an exchange economy, one would typically apply the formula appearing in Lucas (1978), developed in a discrete time framework. This theory has also been extended to ... 
On the Distributional Assumptions in the StoNED model
(Discussion paper;24/15, Working paper, 20150917)In a recent paper Johnson and Kuosmanen (2011) propose a new, semiparametric, general costfrontier model, the stochastic nonparametric envelopment of data (StoNED). The model is semiparametric in the sense that the ... 
On the dynamics of commercial fishing and parameter identification
(Discussion paper, Working paper, 200005)This paper has two main objectives. The first is to develop dynamic models of commercial fisheries different from the existing models. The industry is assumed to have a well defined index of performance based on which it ... 
On the economic geography of dual distribution  The case of McDonald’s in Germany
(Discussion paper;14/19, Working paper, 20191029)We analyze the allocation of ownership in a franchise system by focusing on locationspecific characteristics of the outlets. This study uses a comprehensive data set on McDonald’s restaurants in Germany to investigate the ... 
On the estimation of correlations for irregularly spaced time series
(Discussion paper, Working paper, 200706)In this paper, the problem of calculating covariances and correlations between time series which are observed irregularly and at different points in time, is treated. The problem of dependence between the time stamp process ... 
On the Evolution of Investment Strategies and the Kelly Rule – A Darwinian Approach
(Discussion paper, Working paper, 200612)This paper complements theoretical studies on the Kelly rule in evolutionary finance by studying a Darwinian model of selection and reproduction in which the diversity of investment strategies is maintained through genetic ... 
On the importance of sequencing decisions in production planning and scheduling
(Discussion paper, Working paper, 199906)We discuss the traditional hierarchical approach to production planning and scheduling, emphasizing the fact that scheduling constraints are often either ignored or considered in a very crude way. In particular, we point ... 
On the microfoundations of money : the Capitol Hill babysitting coop
(Discussion paper, Working paper, 200310)This paper contributes to the microfoundation of money in centralized markets with idiosyncratic uncertainty. It shows existence of stationary monetary equilibria and ensures that there is an optimum quantity of money. ... 
On the pricing of performance sensitive debt
(Discussion paper, Working paper, 201103) 
Optimal consumption and portfolio in a jump diffusion market
(Discussion paper, Working paper, 200106)We consider the problem of optimal consumption and portfolio in a jump diffusion market consisting of a bank account and a stock, whose price is modeled by a geometric Lévy process. We show that in the absence of transaction ... 
Optimal contracts under imperfect enforcement revisited
(Discussion paper, Working paper, 200508)We consider a financing game with costly enforcement based on Townsend (1979), but where monitoring is noncontractible and allowed to be stochastic. Debt is the optimal contract. Moreover, the debt contract induces creditor ... 
Optimal control of a renewable natural resources and the "stochastically induced critical depensation"
(Discussion paper, Working paper, 200212)This paper focus aspects connected to the optimal control of a renewable resource modelled by a stochastic differential equation. The main point is to show how small changes of the problem may cause severe changes in the ... 
Optimal fishing mortalities with agestructured bioeconomic model  a case of NEA mackerel
(Discussion paper;9/16, Working paper, 20160531)The effects of random environmental impacts on optimal exploitation of a fish population are investigated using both optimization and simulation, based on a discretetime agestructured bioeconomic model. The optimization ... 
Optimal fishing policy for two species in a threespecies predatorprey model: The case of capelin, cod and juvenile herring in the Barents Sea
(Discussion paper, Working paper, 200712)This paper presents a management model for the Barents Sea capelin and cod fisheries including juvenile herring in the biological model as the young herring influences the codcapelin system. The objective of the study is ... 
Optimal heating of large block of flats
(Discussion paper, Working paper, 2007) 
Optimal maintenance scheduling of local public purpose buildings
(Discussion paper;36/14, Working paper, 201411)We formulate the maintenance scheduling decision as a dynamic optimization problem, subject to an accelerating decay. This approach offers a formal, yet intuitive, weighting of the tradeoffs involved when deciding a ... 
Optimal management of renewable resources : a general feedback approach
(Discussion paper, Working paper, 199809)Analytical solutions for optimal exploitation of renewable capital stocks are derived as feedback rules for a quite general optimization problem. By feedback rules is meant that optimal exploitation is given as an explicit ...