This paper characterizes a set of Nash equilibria in a first-price sealed-bid repeated auction with the right of first refusal using two bidders and asymmetric information regarding the bidders' value distributions. When contract value is constant from one auction to the next and winners' values...

Prescribed fire as a wildfire risk mitigation tool is receiving increasing attention in the United States after a century of emphasis on suppression. A dynamic economic model of prescribed fire use, precaution, and timing is developed and applied to three important policy issues: vegetation...

We develop a household model of migrant remittance that supports testable hypotheses about the effect of migrant income, family composition and distribution, transaction costs associated with remittance mode, income and residence security, and other household characteristics on remittance levels...

An extensive literature relating patients' expectations to treatment outcomes has not addressed the determinants of these expectations. We argue that treatment history is part of a reference point that influences the patients' expectations of how effective further treatment might be, thus...

The rights to use publicly-managed natural resources are sometimes distributed by lottery, and typically these rights are nontransferable. Prohibition of post-lottery permit transfers discourages applicants from entering the lottery solely for profitable permit sale, so only those who personally...

Short-term contracts provide weak incentives for durable input investment if post-contract asset transfer is difficult. Our model shows that when both agents provide inputs, optimal contract length balances the weak incentives of one agent against the other's. This perspective broadens the...

Wildlife imposes costs on agricultural landowners in the form of damage to crops, livestock, and other property, and some wildlife agencies maintain abatement and compensation programs. This paper incorporates endogenous claim submission by producers into a model of deer-inflicted crop damage...