Risk-free rates are ubiquitous in finance, even more after the Cox-Ross [6] principle of risk-neutral valuation for derivatives. Simple arbitrage shows that they can be negative only if considered net of the storage cost of money.The phase-out of Libor, its replacement by overnight reference...

Replaced with revised version of paper 07/24/11.

Estimating the economic impact of a pest requires linking biological and economic systems via a damage function. The most common damage function approach links exogenous pest populations to cumulative commodity yield losses at harvest. This type of representation is a reduced form because is not...

This article examines a case in which growers' pest management decisions collectively generate a change in price that reduces the losses from infestation for some but further harms others. Olive growers in California control the olive fruit fly not only by spraying insecticides but also by...