This paper examines how optimal prevention and control policies depend on the economic and biological characteristics of a randomly introduced biological invasion where the objective is to minimize the expected social costs from prevention, control, and invasion damages. The results characterize...

As part of an economic survey of Maryland registered boat owners, an open ended contingent valuation question was posed regarding willingness to pay for an improvement in water quality in Chesapeake Bay. The boaters ranked their perception of water quality on a scale of one to five, and the...

We estimate that crabmeat industry revenues from processing sponge crabs can increase by at least 56% over the current estimated value of production, from $1.6 million to $2.5 million. This gain can be realized by moving from the current fixed opening of the season during which the Maryland...

Exploration of an exhaustible resource with cost recovery under asymmetric information about cost is modeled and analyzed employing Principal-Agent theory. Allocation of lower than full information level of effort for the high-cost firms is found socially optimal. However, distortion is less in...

When manure nutrients exceed a county's cropland assimilative capacity, the potential for water quality problems exists. Concerns about water quality have led to the passage of the Water Quality Improvement Act in Maryland which will impact the disposal of poultry litter on cropland. Forest...

This paper characterizes the optimal use of sanitary and phytosanitary standards to prevent the introduction of harmful pests and diseases through international trade. Because established pest and disease infestations grow and spread over time their introduction has intertemporal consequences....

This paper studies the interactions between harvesters that depend on the renewable resource as a vital factor of production (i.e., fisheries) and industries that can have important impacts on the renewable resource but whose production does not depend on it (i.e., off-shore oil extraction) in...

Three new structural factors underlie the latest great world crisis: (1) the incorporation of highly populated countries into the growth process; (2) The increasing scarcity of the environment and certain natural resources; (3) the dramatic concentration of wealth and income in the advanced...

This paper examines how certain new structural factors have contributed to the latest great financial crisis and world recession of 2008-09. We focus on three of these structural factors: (i) the incorporation of highly populated countries into the growth process; (ii) The increasing scarcity of...