"This paper introduces a management regime that would maintain common property rights by allowing resource users to harvest on their own but to share their extraction outcome with a given number of other resource users. The developed partnership approach makes use of the shirkingincentives in...

"We develop an evolutionary game theory model for a limited access common pool resource. With full disclosure of individual extraction decisions and payoffs we conjecture that subjects will imitate the most successful players’ strategy as long as their payoffs increase. We derive a stable...

We consider a monopolist selling durable goods to consumers with unit demands but different preferences for quality. The seller can offer items of different quality at the same time to induce buyers to self-select, as in Mussa-Rosen (1978), but is not artificially constrained to offer only one...

By using a broker, the owner of a house can speed up his search for buyers but must pay a percentage of the sale price as a commission. Nonstationarities inherent in the housing market may make it optimal to market a house “by-owner” at the outset and to retain a broker only if the house...