This research examines the effect of risk and time preferences on forest management responses to forest tenure land reforms in Fujian, China that began in 2002. The different extent of the reform and its different timing across regions provide a natural experiment to test how time and risk...

Risk and uncertainty over the results of agricultural production were always considered as impediments for the development of agricultural sector and rural areas. Besides traditional weather and market related sources of uncertainty, agriculture in transition economies is facing one more major...

To address the question, "Should we expect government policy to be efficient?" at its roots, I modify the well-known Arrow-Debreu private ownership economy, allowing property rights to be violable. The result is that equilibria tend to be Pareto inefficient.

This paper examines whether better property rights will increase joint productivity of agricultural and timber products in the Brazilian Amazon. Farrell output-based technical efficiency and technological progress measures are derived by using DEA (Data Envelopment Analysis) for Amazonian...

This paper gives a general mathematical definition of an institution, and presents an explicit formal method by which to incorporate institutions in a standard general equilibrium model. We illustrate our concept using a modified Prisoner's dilemma game in which property rights over natural...