This paper provides examples of both parametric and non-parametric tests for economies of scale in the control of non-point pollution. Because field-level control costs and control effectiveness are uncertain from the regulator's perspective (due to the existence of asymmetric information), we...

The notion of a reservation value is a key feature of most contemporary dynamic and stochastic models of land development. It is clear that the magnitude of the reservation value has a fundamental bearing on the decision to develop or preserve land. This notwithstanding, many papers that analyze...

Do countries that are more open achieve higher growth rates than countries which are less open? With the same degree of openness do poor countries tend to grow faster than rich countries? If they do, the poor countries will move toward equalizing the level of per capita income and there will be...

It is now recognized that the growth rate of per capita real income is not the only indicator of development. Development is a multidimensional oncept that focuses on development of human beings through removal of poverty, ill health, illiteracy, and other social deprivations. The observed...

A multivariate technique called principal component analysis is used to combine measures of human development. The first principal component index is the linear combination of component indexes with maximal information content. This multivariate technique accounts for differences in the...

The notion of a reservation value is a key feature of most contemporary dynamic and stochastic models of land development. It is clear that the magnitude of the reservation value has a fundamental bearing on the decision to develop or preserve land. This notwithstanding, many papers that analyze...

The objective of this paper is to analyze the effect of a probable financial crisis triggered by bank runs and the consequent currency crisis on the optimal choice of maturity structure of foreign debts. Theoretical analyses of the maturity structure suggest some macroeconomic policies that the...