Neoclassical economics, the dominant economics paradigm, has influenced and been influenced by developments in regulated industries. We identify major theoretical and empirical accomplishments, discuss the impact of these accomplishments on policy development, and list the channels through which...

Because endangered species are in predator/prey, competitive, and other relationships with many species who share their habitat, efficient conservation requires simultaneously considering the needs of many species. Understanding ecological relationships and understanding how human activity...

A simple game formulation is used to examine the possibility of linking generations when a future generation will confront a risk that can be alleviated by an earlier generation's investment. An insurance market will function provided that the overlapping generations are sufficiently near in...

This paper focuses on the formation of treaties to manage transnational commons when efforts must be coordinated among a minimal-sized group so as to make cooperation worthwhile. By focusing on mixed-strategy equilibria, we are concerned with instances where the intentions of others are...

Activities to curb deforestation yield private goods, country-specific public goods, and global public goods. Markets can operate for the private goods, while nations are motivated to strike bargains with one another over country-specific public goods. Suboptimality stems from the global public...

This paper utilizes benefit-cost duality to differentiate the problems associated with a pure public good from the problems associated with a commons. For the public good scenario, contributors’ benefits are public or available to all, while provision costs impact only the contributor. In a...