Food price inflation has increased persistently in recent years in Turkey with a widening divergence from international food price inflation. The study analyzes the main inefficiencies in the Turkish agricultural sector through the lens of food price formation and discusses the policy actions...

Indonesia is one of the largest commodity exporters in the world, and given its mineral potential and expected commodity price trends, it could and should expand its leading position. Commodities accounted for one fourth of Indonesia's Gross Domestic Product (GDP) and more than one fifth of...

We analyze how the threat of a potential future regime shift affects optimal management. We use a simple general growth model to analyze four cases that involve combinations of stock collapse versus changes in system dynamics, and exogenous versus endogenous probabilities of regime shift. Prior...

We incorporate a renewable resource into an overlapping generations model with standard, well-behaved utility and constant returns to scale production functions. Besides being a factor of production the resource serves as a store of value. We characterize dynamics, efficiency and stability of...

We show that, in a model with substitutability between capital and resources, the path of sustainable development may be non-smooth, and may exhibit the overshooting property: starting from low levels of capital and resources, the economy may accumulate capital beyond its steady-state level,...

A standard model of the exploitation of a renewable resource by non-cooperating agents is considered. Under the assumption that the resource is sufficiently productive we prove that there exist infinitely many Markov-perfect Nash equilibria (MPNE). Although these equilibria lead to...

We experimentally study behavior in a common property renewable resource extraction game with multiple equilibria. In the experiment, pairs of subjects competitively extract and consume a renewable resource in continuous time. We find that play evolves over time into multiple steady states, with...

This paper examines a dynamic game of exploitation of a common pool of some renewable asset by agents that sell the result of their exploitation on an oligopolistic market. A Markov Perfect Nash Equilibrium of the game is used to analyze the effects of a merger of a subset of the agents. We...