The conservation of biodiversity is a major environmental issue, one that promises to remain at or near the top of the environmental agenda for the foreseeable future. The loss of biodiversity affects human welfare as well as being lamentable for its own sake. Humans depend on natural systems to...

Variations in environmental conditions affect renewable resource growth. The ability to predict such variations is improving, providing scope for improved management. We generalize a common stochastic stock recruitment model to explore how optimal management changes with environmental...

We characterize the optimal harvest of a renewable resource in a generalized stochastic spatially explicit model. Despite the complexity of the model, we are able to obtain sharp analytical results. We find that the optimal harvest rule in general depends upon dispersal patterns of the resource...

Environmental regulators often have imperfect information about regulated firms' abatement costs. In this paper we compare taxes and emissions permits in a dynamic setting in which firms behave strategically. The regulator updates policy over time based upon previous aggregate industry...