This article explores adaptive management (AM) for decision-making under environmental uncertainty. In the context of targeting invasive species inspections of agricultural imports, I find that risk aversion increases the relative value of AM and can increase the rate of exploratory action....

For reducing greenhouse gas emissions, intensity targets are attracting interest as a flexible mechanism that would better allow for economic growth than emissions caps. For the same expected emissions, however, the economic responses to unexpected productivity shocks differ. Using a real...

For reducing greenhouse gas emissions, intensity targets are attracting interest as a flexible mechanism that would better allow for economic growth than emissions caps. For the same expected emissions, however, the economic responses to unexpected productivity shocks differ. Using a real...

2009 lief die Milchkontingentierung in der Schweiz aus. Im Jahr 2015 wird dies auch in der EU geschehen. Diese bedeutenden Einschnitte in die politischen Rahmenbedingungen der Milchwirtschaft erfordern in beiden Ländern veränderte Formen der Zusammenarbeit zwischen landwirtschaftlichen...

Capital controls can induce large and persistent deviations from the Law of One Price for cross-listed stocks in international capital markets. A considerable literature has explored rm-specic factors which in uence ADR pricing when LOP is violated. In this paper, we examine the interlinkages...

Capital controls can induce large and persistent deviations from the Law of One Price for cross-listed stocks in international capital markets. A considerable literature has explored firm-specific factors which influence ADR pricing when LOP is violated. In this paper, we examine the...

Fisher et al. (2012)––henceforth, FHRS––have uncovered coding and data errors in our paper, Deschênes and Greenstone (2007), henceforth, DG. We acknowledge and are embarrassed by these mistakes. We are grateful to FHRS for uncovering them. We hope that this Reply will also contribute to...

A recent highly cited paper from this journal develops a model predicting maximum sustainable yield (<InlineEquation ID="IEq1"> <EquationSource Format="TEX">$$MSY$$</EquationSource> <EquationSource Format="MATHML"> <math xmlns:xlink="http://www.w3.org/1999/xlink"> <mrow> <mi mathvariant="italic">MSY</mi> </mrow> </math> </EquationSource> </InlineEquation>) of a fishery using the historical maximum catch (<InlineEquation ID="IEq2"> <EquationSource Format="TEX">$$MaxCatch$$</EquationSource> <EquationSource Format="MATHML"> <math xmlns:xlink="http://www.w3.org/1999/xlink"> <mrow> <mi mathvariant="italic">MaxCatch</mi> </mrow> </math> </EquationSource> </InlineEquation>). The model is parameterized with a small sample of fisheries from the United States, and is...</equationsource></equationsource></inlineequation></equationsource></equationsource></inlineequation>

The rise in the divorce rate over the past 40 years is one of the fundamental changes in American society. A substantial number of women and children now spend some fraction of their life in single female-headed households, leading many to be concerned about their economic circumstances....