Flaaten’s (1991) study on competing species conjectures that a higher price (harvesting costs) of one species yields a lower (greater) own stock-size and a greater (lower) stock-size of the competing species. I show both conjectures are wrong.

This paper studies the welfare properties of distortionary transfers in a life-cycle growth model where natural capital is private property. The main result is that, under credible pre-commitment, each newborn generation prefers positive taxes-subsidies to laissez-faire conditions when the...

Green accounting theories have shown that negative genuine savings at some point in time imply unsustainability. Consequently, recent studies advocate the use of the genuine savings measure for empirical testing: a negative index implies sustainability be rejected. This criterion is not...

Ecosystem services are the functions performed by ecosystems that lead to desirable environmental outcomes, such as air and water purification, drought and flood mitigation, and climate stabilisation. Markets rarely exist for them. This study examines how newly defined property rights have been...

Many production processes yield both good outputs and undesirable ones (e.g. pollutants). In this paper, we develop a generalization of a stochastic frontier model which is appropriate for such technologies. We discuss efficiency analysis and, in particular, define technical and environmental...

OIL AS AN ENERGY PROPELLER, IS THE LARGEST INTERNATIONALLY TRADED COMMODITY THAT SHOWS HIGHLY VISIBLE INTERPLAY OF POLITICS AND ECONOMICS IN THE DETERMINATION OF ITS INVESTMENT, PRODUCTION, TRADE AND PRICING POLICIES. THIS UNIQUENESS, NO DOUBT DEMANDS A WELL ARTICULATED OIL POLICY FOR AN OIL...