Taking advantage of randomly-assigned federal mineral rights, the first essay establishes the discount that mineral developers place on oil and gas leases with divided ownership. This discount is interpreted as an expectation of reduced profits as a result of transaction costs incurred in...

This article introduces a symposium on decentralized approaches to environmental management. These approaches include voluntary contributions to public goods, bundling contributions with private goods, and bundling the use of the environment with private goods. The article compares and contrasts...

This chapter extends the existing theory of tradable emissions permit markets to allow for tradable permits and offsets. Offsets are currently incorporated into the EU ETS, and in the future similar assets will likely become a feature of many pollution control systems. A model is developed with...