This paper studies urban sustainability from the perspective ofexternalities. We develop a general spatialequilibrium model of a monocentric city, in which two types ofexternalities occur. On the one hand, pollution inthe industrial centre leads to a spatially differentiateddeterioration of the...

We investigate the nature of the adverse selection problem in a market for adurable goodwhere trading and entry of new buyers and sellers takes place in continuoustime. In thecontinuous time model equilibria with properties that are qualitativelydifferent from thestatic equilibria, emerge....

Pesticide use in agriculture poses several risks to both human health and non-target agro-ecosystems. Due to lack of information on the monetary value of reducing pesticide risks, it is difficult to perform an economic analysis that addresses social efficiency of policy and draws conclusions...

We take a dynamic perspective on insurance markets under adverseselection and study a generalized Rothschildand Stiglitz model where agents may differ with respect to theaccidental probability and their expenditure levels incase an accident occurs. We investigate the nature of dynamicinsurance...

This paper aims to analyze and depict urban equilibrium from the perspective of acomplex force field between (positive) agglomeration economies and (negative) environmentalexternalities. Based on a simplified representation of a linear urban economy, anarchetypical model based on general...

A consistent mapping of all complex ramifications (including direct and indirect effects) of variousgreenhouse policies in an open institutional economy requires the use of a general equilibriumframework. From the existing set of available equilibrium models we have selected the...