The rights to use publicly-managed natural resources are sometimes distributed by lottery, and typically these rights are nontransferable. Prohibition of post-lottery permit transfers discourages applicants from entering the lottery solely for profitable permit sale, so only those who personally...

We provide a model of environmental regulation to control transboundary pollution while considering the role of neighboring country regulations and measures of the quality of own and neighboring country government institutions. We apply a Spatial Durbin model to identify the determinants of the...

The health-related problems caused by poor diet choices has elevated the policy importance of how to communicate nutrition information more effectively to consumers at the point of purchase. At the same time, food retailers want to provide their customers with nutrition information in the format...

The federal specific gasoline tax falls equally on consumers and wholesalers; whereas state specific taxes fall almost entirely on consumers. The consumer incidence of state taxes is greater in states that use relatively little gasoline.

Retail and wholesale gasoline prices vary over time and across geographic locations due to differences in government policies and other factors that affect demand, costs, and market power. We use a two-equation, reduced-form model to determine the relative importance of these various factors. An...

We develop a model of product differentiation in which firms strategically compete in product quality and advertising intensity. Consumers face a trade-off between higher quality goods and price. Increased competition may lead to higher or lower quality products. Consumers always benefit from...