commons. Using a dynamic model of competitive resource extraction, we show that improving property right security …

The problem of the commons is more important to our lives and thus more central to economics than a century ago when … the commons. Within the realm of natural resources, there are special challenges associated with renewable resources …. Critical commons problems are also associated with environmental quality. A key contribution of economics has been the …

overall catch quota to a voluntary cooperative, with the remainder exploited as a commons by those choosing to fish …

This paper presents a simple but quite general framework for analyzing the impact of informational externalities. By … identifying the traditional pecuniary effect of these externalities which nets out,the paper greatly simplifies the problem of …

-disorder and income-creation externalities. Two bordering casinos compete with each other for the external source of demand of …

commit to contracts, virus externalities are local, and competitive equilibria are efficient. The Second Welfare Theorem also … their infection status. If society cannot control virus exposure, then virus externalities are global and competitive … externalities and result in inefficiently high economic activity. If agents cannot commit, competitive equilibria are inefficient …