We describe a simple algorithm that permits the sequential (period-by-period) solution of large-scale dynamic CGE models with agents who have perfect foresight over an infinite number of periods. The algorithm requires neither any assumptions about behavior in a ?final? period nor that the base...

When urban renewal projects require that smaller parcels be assembled into a single large one, owners who hold out for higher prices may either prevent or significantly delay socially efficient redevelopment. Local governments seeking private redevelopment currently have only the choice between...

The efficiency of mechanisms to control CO2 emissions is limited by disagreement about the harm from these emissions. Thus existing emission control mechanisms require negotiated compromise regarding either the efficient price or the level of emissions to be tolerated. As an alternative to...

A decomposition of aggregate labor productivity based on internationally comparable data reveals that a high share of employment and low labor productivity in agriculture are mainly responsible for low aggregate productivity in poor countries. Using a two-sector general-equilibrium model, we...

There are three separate strands of literature in economics that are related to the efficiency of takings under eminent domain: one addresses the question of optimal compensation for properties that are taken, a second inquires how governments might learn the values of properties that they...

Two commonly-used criteria for evaluating voting rules are how infrequently the rules provide opportunities for strategic voting and how infrequently they encounter voting paradoxes. The lack of ranking data from enough actual elections to determine these frequencies with reasonable accuracy...

We trace the developments that led to quadratic voting, from Vickrey's counterspeculation mechanism and his second-price auction through the family of Groves mechanisms and its most notable member, the Clarke mechanism, to the expected externality mechanism, the Groves-Ledyard mechanism, and the...

In the context of the example of a factory whose smoke emissions affect a near-by laundry, Coase (1960) argued for taxing the laundry as well as the factory, while Baumol (1972) argued for taxing only the factory. The literature on bilateral taxation during the past 40 years has not fully...