We analyze the design of optimal environmental policy when environmentaldamage is uncertain and investments in abatement technologies are irreversible. Weassume that the investment in the new abatement technology can be used for twoperiods and that the true extent of environmental damage will...

This paper re-considers the comparison of Bertrand and Cournot equilibria in a differentiatedduopoly with linear demand and cost functions. It focuses on the case of substitutegoods, and allows for cost asymmetries between firms. The main finding is that, when thedegree of cost asymmetry is...

This paper considers the extent to which expenditure by contestants inimperfectly discriminating rent-seeking contests dissipates all or only partof the rent. In particular, we investigate strategic effects, technologicaleffects and asymmetry under an assumption of diminishing returns to...