We analyze two hitherto little studied but salient questions concerning the trinity of asymmetric information, entrepreneurial activity, and the scope of fiscal policy in an open regional economy. First, we use a two period model to analyze the contractual relationship between entrepreneurs and...

We analyze a two-period signaling model in which a representative entrepreneur in a regional economy has a project that generates a random cash flow and that requires investment that the entrepreneur raises from a competitive market. The project's type is known to the entrepreneur but not to the...

We analyze two hitherto little studied but salient questions concerning the trinity of asymmetric information, entrepreneurial activity, and the scope of fiscal policy in an open regional economy. First, we use a two period model to analyze the contractual relationship between entrepreneurs and...

We analyze a two-period signaling model in which a representative entrepreneur in a regional economy has a project that generates a random cash flow and that requires investment that the entrepreneur raises from a competitive market. The project’s type is known to the entrepreneur but not to...

I study a class of agency problems that are characterized by the existence of an underlying organizational hierarchy. Specifically, I analyze a two forked, three tiered hierarchy and I show that when the private information of the players in the second and in the third tiers of the hierarchy,...

The extant literature tells us that a seaport inspector who places a large (small) weight on biological invasion damage control relative to economic cost reduction will, ceteris paribus, inspect ships with containers more (less) stringently. Therefore, in this theoretical note we analyze the...

The extant literature tells us that a seaport inspector who places a large (small) weight on biological invasion damage control relative to economic cost reduction will, ceteris paribus, inspect ships with containers more (less) stringently. Therefore, in this theoretical note we analyze the...

Recently, Batabyal et al. (2005) have used a queuing model to show that there is a tension between economic cost minimization and inspection stringency in invasive species management in the following sense: Greater (lesser) inspection stringency with a larger (smaller) number of inspectors leads...

This paper analyzes the problem faced by an imperfectly informed supra-national governmental authority (SNGA) with restricted funds that wishes to design an International Environmental Agreement (IEA) for developing countries (DCs). The SNGA contracts with polluting firms through their...

A conceptual approach is commonly needed to provide guidance for empirical analyses concerning the use of renewable resources such as rangelands. The theoretical model constructed in this paper captures the essential aspects of dynamic and stochastic issues associated with the management of...