This paper identies an overlooked implication of models of research joint ventures initiated by d'Aspremont and Jacquemin (1988). Even though the a ggregate R&D cost of identical rms in a research joint venture would be lowest if they invested equally to re- duce subsequent production costs,...

This paper examines a characteristic of common property problems unmodeled in the published literature: extracted common reserves are often stored privately rather than sold immediately. We examine the positive and normative effects of such storage, Privatization of common reserves through...

This paper generalizes Hotellings (1931) theory of nonrenewable resources to situations where resource pools and their users are distributed spatially. Extraction and transport costs are assumed to be linear in the rate of extraction, but utilization of each deposit may require a setup cost....