Quotas or permits are frequently used in the management of renewable resources and emissions. However, in many industries there is concern about the basic e ectiveness of quotas due to non-compliance. We develop an enforcement model of a quota-regulated resource and focus on a situation with...

This article provides a survey of the economic literature on investment behaviour and capacity adjustment in fisheries. An overview of the existing theoretical and the empirical work is provided, and areas that require more work are pointed out. The survey shows that while a large body of...

Land prices across administrative boundaries can be useful for estimating the causal effects of local policy. Market anticipation about potential boundary changes can confound identification, so studies often avoid markets where this may arise. We develop an approach to quantify anticipation by...

This paper focuses on two equity dimensions of climate policy, intra- and intergenerational equity, and analyzes the implications of equity preferences on climate policy, and on the production and consumption patterns in rich and poor countries. We develop a dynamic two-region model, in which...

More than 40% of US grain is now used to produce biofuels, which are used as substitutes for gasoline in transportation. Biofuels have been blamed universally for recent increases in world food prices. Many studies have shown that these energy mandates in the US and EU may have a large (30-60%)...