We analyze resource extraction in a political economy setting by introducing a political leader who optimizes both his own and the society's welfare function. We find that accounting for the private utility of a political elite, its higher discount rate and a different time horizon generally...

This discussion paper resulted in a publication in the <A href="http://www.sciencedirect.com/science/article/pii/S0095069612000927">'Journal of Environmental Economics and Management'</A>, 2012, 64(3), 342-363.<P> Optimal climate policy is studied in a Ramsey growth model with exhaustible oil reserves, an infinitelyelastic supply of renewables, stock-dependent oil extraction...</p></a>

This discussion paper resulted in a publication in the <I>Journal of Economic Dynamics and Control</I> (2013), 37(12), 2729-2754.<P> Existing models of R&D are not easily reconciled with four observable aspects of R&D: initial technologies ('ideas') need to be developed further, only a minority of initial...</p></i>

Most airports operate under public ownership, while some are privatized and economically regulated. Only a few airports are privately owned and experience little or no ex-ante regulation of airport charges. On the other hand, airports nowadays earn as much revenue from transport-related...

This paper studies the relationship between three key elements of the marketing mix, namely, price, product, and promotion, in a model where a seller employs informative advertising to launch a new product. We propose a fairly general advertising technology for the study of three promotional...

This discussion paper resulted in a publication in the <A href="http://onlinelibrary.wiley.com/doi/10.1111/ecoj.12074/abstract;jsessionid=368B56AE8F9F0C1A8F686B9FB93B1CCC.f01t02">'Economic Journal'</A>, 2014, 124(579), 1086-1105.<P> We examine the causal effect of commuting distance on workers' wages in a quasi-natural experiments setting using information on all workers in Denmark. We account for endogeneity of distance by...</p></a>

This paper examines the conception of individuals as being of certain types in Harsanyi'stransformation of games of incomplete information into games of complete information. Itargues that while the conception of the individual in games of complete information offerspotential advances over the...