It has long been recognized that the quality of property rights greatly impacts the economic development of a country and the use of its natural resources. Since Long (1975), the conventional wisdom has been that ownership risk induces a firm to overuse the stock of a resource. However, the...

It has long been recognized that the quality of property rights greatly impacts the economic development of a country and the use of its natural resources. Since Long (1975), the conventional wisdom has been that ownership risk induces a firm to overuse the stock of a resource. However, the...

Introducing the concept of “belief entrepreneur”, this paper offers a novel framework of endogenous belief formation under fundamental uncertainty. We consider a generic setup in which individuals must choose between a tested approach (supplied by a “defender”) and a competing innovative...