The Arrow/Fisher/Henry/ study of land development in the presence of uncertainty has been conducted in a two period model in which the development decision is indivisible. Very recently, this study has been extended to analyze the development problem in a multi-period framework. Nevertheless,...

The Arrow/Fisher/Henry study of the development of land under uncertainty has been conducted in a two period setting. Recently, Capozza and Helsley (1990) and Batabyal (1996, 1997) have analyzed the problem of the development of land under uncertainty in a multi-period model. In this paper, I...

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...

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...

Batabyal and Yoo (2019) have recently obtained a significant result in their analysis of the use of utilitarian and Rawlsian policies by two cities to attract the creative class. They show that if one city switches to a Rawlsian or more egalitarian objective when the other city remains...