This paper presents a comprehensive economic framework for the conservation of biological diversity. This framework combines a simple model for valuing different sets of species with a decision theoretic model involving extinction probabilities to identify the optimal conservation strategy....

In this paper, a two-stage model is presented in which firms chose market structure in stage one and play a Cournot game in the second stage. In a one-period game, if a single firm is given a choice in stage one, it will chose to from independent rival divisions rather than remained as a unified...

We analyze the welfare effects of horizontal mergers in the context of a Counot oligopoly model in which firms have different marginal costs of production. A merger may allow for a shift from less efficient more efficient producers (rationalization of production). A merger may increase social...

In this paper we analyze a model in which initially there is a single firm that harvests from a common property resource. The firm faces potential entry of a rival in the future. The costs of harvest from the resource is a function of the stock size. By drawing down the initial population, the...

I analyze oligopoly equilibrium in a non-renewable resource market where firms can argue their initial resource endowment. I use the model to generate two testable implications. First, given the existing distribution of reserves across firms, firms with small reserves will extract a larger...