The paper deals with development of a general theory of the firm. It discusses the demand for such a theory, reviews existing approaches to its generalization, and offers a new variant of general theory of the firm based on the contract theory. The theory is based on minimization of...

Some scholars have argued that direct distribution of natural resource revenues to the population would help resource-rich countries escape the “resource curse.†This discussion note analyzes whether this proposal is a viable policy alternative for resource-rich countries. The first...

Two oil price shocks changed the pattern of cheap oil. The first was the Arab embargo on oil exports in 1973. Oil prices rose five fold. In 1978, the second was the fall of Shah Iran. Prices soared to $80–$100 a barrel in today’s prices. In 1960, OPEC was established and since then it has...

We adapt the concept of a conservation easement to a marine environment and explore its use to achieve conservation goals. Although marine environments generally are not owned, those who use them for commercial fishing often are regulated. These regulations grant harvesters rights to use marine...

Forests support rural livelihoods and food security in many developing countries by providing critical sources of food, medicine, shelter, building materials, fuels, and cash income. The increasing demand for forest products has enhanced rural livelihoods and enabled the expansion of domestic...

The issue of deriving benefits from the fishery resource on a sustainable basis exists in most developing countries. This tends to create a major problem confronting both biologists and economists in managing the fishery. In respose to this issue, this paper explains one possible method to...

Many of the main scientific challenges in the fields of development, environment, and resource economics have a microeconomic foundation wherein behavioral elements play a significant role. Preferences with respect to risk, time, societal others, and the environment shape the decision-making...

We summarize and review the literature on two types of economic experiments. First, we explore the consequences for environmental policies of the vast body of literature refuting the assumption that humans are concerned only with their own private welfare. We review the literature addressing...