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Valuing ecosystem services in general equilibrium

Carbone, Jared C. - 2010

We explore the consequences of treating the multiple, non-market benefits associated with improvements in ecosystem … to pay measures of use-based ecosystem services are impacted by the changes in demand for complementary market goods …. Demand for these goods shifts due to the introduction of pollution regulations that deliver improvements in ecosystem …

Persistent link: https://www.econbiz.de/10012462808

Agro-Ecosystem Productivity and the Dynamic Response to Shocks

Chavas, Jean-Paul - 2016

This paper investigates the nonlinear dynamic response to shocks, relying on a threshold quantile autoregression (TQAR) model as a flexible representation of stochastic dynamics. The TQAR model can identify zones of stability/instability and characterize resilience and traps. Resilience means...

Persistent link: https://www.econbiz.de/10012456056

Overcoming the common pool problem through voluntary cooperation : the rise and fall of a fishery cooperative

Deacon, Robert T. - 2010

We analyze a seldom used, but highly promising form of rights-based management over common pool resources that involves the self-selection of heterogeneous fishermen into sectors. The fishery management regime assigns one portion of an overall catch quota to a voluntary cooperative, with the...

Persistent link: https://www.econbiz.de/10012462317

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

The Value of Secure Property Rights : Evidence from Global Fisheries

Grainger, Corbett A. - 2011

Property rights are commonly touted as a solution to common pool resource problems. But in practice the security of these property rights varies substantially owing to differences in design. In fisheries, the design of individual transferable quotas (ITQs) varies widely; the consequences of...

Persistent link: https://www.econbiz.de/10012461639

The Diversification Discount : Cash Flows vs. Returns

Lamont, Owen - 1999

Diversified firms have different values than comparable portfolios of single-segment firms. These value differences must be due to differences in either future cash flows or future returns. Expected security returns on diversified firms vary systematically with relative value. Discount firms...

Persistent link: https://www.econbiz.de/10012471389

Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods

Dumas, Bernard - 1999

In this article, we examine the effect of the imperfect mobility of goods on international risk sharing and, through that, on the investment in risky projects, welfare and growth. We find that the welfare gain of financial market openness is not monotonic with respect to investors' risk aversion...

Persistent link: https://www.econbiz.de/10012471806

Incentives for Diversification and the Structure of the Conglomerate Firm

Marshall, William J. - 1984

In this paper, we examine the proposition that both the structures of conglomerate firms and their merger activities evidence a systematic attempt to diversify income sources and reduce the volatility of firms' profits. We test whether firms that are active in one line of business are more...

Persistent link: https://www.econbiz.de/10012477816

Obfuscation, Learning, and the Evolution of Investor Sophistication

Carlin, Bruce Ian - 2009

Investor sophistication has lagged behind the growing complexity of retail financial markets. To explore this, we develop a dynamic model to study the interaction between obfuscation and investor sophistication. Taking into account different learning mechanisms within the investor population, we...

Persistent link: https://www.econbiz.de/10012463695

Immigration and Product Diversity

Mazzolari, Francesca - 2009

We study the effects of immigration on the diversity of consumption choices. Data from California in the 1990s indicate that immigration is associated with fewer stand-alone retail stores, and a greater number of large and in particular big-box retailers - evidence that likely contradicts a...

Persistent link: https://www.econbiz.de/10012463748