Most, if not all, production technologies are stochastic. This article demonstrates how data envelopment analysis (DEA) methods can be adapted to accommodate stochastic elements in a state-contingent setting. Specifically, we show how observations on a random input, not under the control of the...

The central common feature of a number of recent technological developments (collectively referred to as Web 2.0) is collaborative production of content on an amateur basis, that is, for motives other than commercial reward. Amateur production of content generates significant external benefits...

In this paper, I will argue that blogs and wikis are indeed highly significant, but more as instances of a new mode of innovation than as a direct replacement for existing communications media. This new mode has been christened the ‘creative commons’ and both elements of the name are...

This chapter will discuss what economics can tell us about New Media. More interestingly, perhaps, at least to those concerned with the long-term impact of New Media, it will examine the implications of New Media for economics and economic organization, and offer some policy recommendations.

We present a model of competitive interaction among n symmetric firms producing a homogeneous good that includes both Bertrand and Cournot competition as special cases. In our model the intensity of competition is captured by a single parameter—the perceived slope of competitors’ supply...

The relative merits of different systems of property rights to allocate water amongdifferent extractive uses are evaluated for the case where variability of supply isimportant. Three systems of property rights are considered. In the first, variablesupply is dealt with through the use of water...

In the past year, climate change has moved from political controversy to political consensus; at least, in relation for price-based policies the need to limit emissions. Uncertainties remain but with both major parties proposing to develop an emissions trading regime, it is timely to highlight...

In this paper we consider the problem of accommodating indigenous cultural heritage values in resource assessment and valuation. We suggest a need for price-based approaches to valuation to be replaced by or complemented with quantitative constraints, reflecting the requirement that rights...