Romania was one of the first transition countries in Europe to introduce auctions for allocating standing timber (stumpage) in public forests. In comparison with the former system in the country-administrative allocation at set prices-timber auctions offer several potential advantages: greater...

Romania was one of the first transition countries in Europe to introduce auctions for allocating standing timber (stumpage) in public forests. In comparison with the former system in the country-administrative allocation at set prices-timber auctions offer several potential advantages: greater...

Continuous-time models of natural resource prices usually preclude the possibility of large changes (jumps) resulting from unexpected events. To test for the presence of jumps and/or ARCH effects, we combine bounds and the Monte Carlo test technique to obtain finite-sample, level-exact p-values....

In this paper, we propose to use the Monte-Carlo (MC) test technique to obtain valid p-values when testing for the presence of discontinuities in jump-diffusion models. Indeed, the LR statistic used to test for discontinuities has typically a complex non-standard distribution, for at least two...

We propose a simple framework combining GIS and hedonic pricing to evaluate the impacts of local industrial odors on surrounding residential houses for four Southern California cities. Using GIS, we flag houses located at various distances from car paint-shops and smelly polluters in the EPA's...

Concerns about rapid increases in the volume of electronic waste (e-waste) and its potential toxicity have sharpened policy makers' interest for extended producer responsibility to encourage manufacturers of consumer electronic devices (CEDs) to 'design for the environment'. This paper examines...

Continuous-time models of natural resource prices usually preclude the possibility of large changes (jumps) resulting from unexpected events. To test for the presence of jumps and/or ARCH effects, we combine bounds and the Monte Carlo test technique to obtain finite-sample, level-exact p-values....