We consider the effect of carbon credit payment schemes on forest owners' land use and harvest decisions. We study two possible credit allocation regimes: one where credits are allocated according to the actual amount of carbon sequestered by the trees on a piece of land, and another where...

We consider the effect of carbon subsidies and taxes in the form of carbon credit allocations on forest owners' land use and harvest decisions. We introduce three possible credit allocation regimes: one where credits are allocated according to the annual flow of carbon another where annual...

This paper investigates whether uncertainty of contest outcome and match quality matter to television viewers of New Zealand National Provincial Championship (NPC) rugby matches. To date, nearly all uncertainty of outcome studies have focused on live match attendance. Furthermore, these studies...

The new public management of the 1980s was based in part on a range of important new insights about the role of transaction and agency costs arising from contractual incompleteness in defining the boundaries of the firm and the governance relationships within it. In this paper, we consider the...

Climate change is one of the toughest challenges facing the world today. Putting a price on carbonemissions is an important step towards climate change mitigation. A cap and trade system is one ofthe ways to create a carbon price. The New Zealand Emissions Trading Scheme (NZETS) is theworld’s...

This paper presents a tractable model of a firm that chooses both the scale and timing of its investment. The value-maximizing investment policy is lumpy, and sensitivity analysis shows that greater demand volatility is associated with the firm choosing to invest in larger increments, less...

This paper uses a competitive-equilibrium housing-market model to evaluate the role that interest rates played in the U.S. housing boom and bust. The model features stochastic construction costs, disposable income, interest rates, and population, and endogenously determines the supply of...

We appraise the theoretical basis and the consequent empirical work of Frank Wolak in his study of the New Zealand Electricity market in a report to the New Zealand Commerce Commission released in March 2009. The report found no multilateral actions, but concluded there was evidence of market...