Term limits have conflicting effects on corruption: increasing the incidence (frequency) while decreasing the magnitude (average cost) of corruption events. The incidence effect consists of two sub-effects, associated with lame duck and penultimate terms, and plays out via the role of term...

This study investigates the impact of freshwater ecosystem services (ESS) on water allocation within a comprehensive water economy. The ESS generated by stream flows, surface water stocks, and groundwater stocks are distinguished and their effects on water allocation and pricing are analyzed....

Political tenure (experience) is a double-edged sward: expediting government performance, while increasing political power with potentially harmful (corruption) ramifications. Within a voters-politician interaction framework, we unravel these two effects of political tenure on voters' welfare...

We find that, in democratic regimes with unlimited reelection, the answer to the question posed above is in the affirmative, contrasting a widely held view. The reason is that resource windfalls increase future graft prospects, motivating opportunistic incumbents to postpone their planned...

Can natural resource windfalls increase public debt in democracies? Adopting a political economy perspective, we show that the answer is in the affirmative. Resource windfalls increase both the government's income and wealth. The former mitigates the need to borrow, whereas the latter encourages...

In this work we examine how economic growth affects public debt when interacted with reelection prospects. Reelection considerations shorten political time horizons and give rise to political myopia that exacerbates debt accumulation. That laxer institutional reelection restrictions (e.g. no...

The water prices that implement the optimal water policy are derived. These prices contain the supply cost components and two shadow price terms: one reflecting the in situ value of natural water and the other representing the scarcity of recycled water. The former accounts for the scarcity,...