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Credit Markets, Property Rights, and the Commons

Noack, Frederik; Costello, Christopher J. - National Bureau of Economic Research - 2022

Credit markets and property rights are fundamental for modern economies, but they also have implications for the commons. Using a dynamic model of competitive resource extraction, we show that improving property right security unambiguously increases conservation incentives, but the effect of...

Persistent link: https://www.econbiz.de/10013172188

The Valuation of Fisheries Rights : A Real Options Approach

Pizarro, Jose - 2018

This article develops and implements a Real Option approach to value renewable natural resources in the case of Marine Fisheries. The model includes two sources of uncertainty: the resource biomass and the price of fish, and it can be used by fisheries to optimally adapt their harvesting...

Persistent link: https://www.econbiz.de/10012480792

Property Rights, Regulatory Capture, and Exploitation of Natural Resources

Costello, Christopher - 2015

We study how the strength of property rights to individual extractive firms affects a regulator's choice over exploitation rates for a natural resource. The regulator is modeled as an intermediary between current and future resource harvesters, rather than between producers and consumers, as in...

Persistent link: https://www.econbiz.de/10012457807

Crowding In with Impure Altruism : Theory and Evidence from Volunteerism in National Parks

Kotchen, Matthew J. - 2019

This paper makes three contributions to the literature on private provision of public goods. First, we identify limitations of the frequently used specification test that distinguishes between the standard models of pure and impure altruism based on the extent of crowding out. While the...

Persistent link: https://www.econbiz.de/10012480388

Fiscal studies

National Bureau of Economic Research - 1951-1977: [Wechselnde Erscheinungsorte] : [wechselnde …; … - 3.1951 - 15.1977 nachgewiesen

Persistent link: https://www.econbiz.de/10010448412

In-Kind Taxes, Behavior, and Comparative Advantage

Mulligan, Casey B. - 2015

This paper treats taxation in kind (IKT) as an example of price regulation, emphasizing IKT-avoidance behavior, and its interactions with the other costs of price controls. This emphasis fundamentally changes efficiency conclusions, and adds new ones. IKTs do not in fact randomly sample...

Persistent link: https://www.econbiz.de/10012457083

Mining and Quasi-Option Value

Costello, Christopher - 2015

We study the timing-of-extraction problem facing a decentralized mine owner when extraction entails environmental damage. As expected, when the environmental damage from mining is known, the socially optimal timing will depend on the magnitude of the damage relative to these costs in the rest of...

Persistent link: https://www.econbiz.de/10012457342

Optimal Time-Consistent Macroprudential Policy

Bianchi, Javier - 2013

without commitment. This policy features a state-contingent macroprudential debt tax that is strictly positive at date t if a …

Persistent link: https://www.econbiz.de/10012458958

The Role of Automatic Stabilizers in the U.S. Business Cycle

McKay, Alisdair - 2013

Most countries have automatic rules in their tax-and-transfer systems that are partly intended to stabilize economic … role on the effectiveness of the stabilizers, whereas tax-and-transfer programs that affect inequality and social insurance …

Persistent link: https://www.econbiz.de/10012459662

Non-linear Effects of Taxation on Growth

Jaimovich, Nir - 2012

We propose a model consistent with two observations. First, the tax rates adopted by different countries are generally … their growth performance. In our model, the effects of taxation on growth are highly non-linear. Low or moderate tax rates … have a very small impact on long-run growth rates. But as tax rates rise, their negative impact on growth rises …

Persistent link: https://www.econbiz.de/10012460188