"While the conditions of production give some guidance to what factor groupings are desirable ceteris paribus, they do not determine the boundaries of a neoclassical firm (a legal entity with a residual claimant). Indeed, they could just as well be related to other groupings, such as...

"Social-ecological systems are complex adaptive systems where social and biophysical agents are interacting at multiple temporal and spatial scales. The main challenge for the study of governance of social-ecological systems is improving our understanding of the conditions under which...

"The survival of the commons is closely associated with the potential to find ways to strengthen contemporary management systems, making them more responsive to a number of complexities, like the dynamics of ecosystems and related, but often fragmented, institutions. A discussion on the...

Economists traditionally tackle normative problems by computing optimal policy, i.e. the one that maximizes a social welfare function. In practice, however, a succession of marginal changes to a limited number of policy instruments are implemented, until no further improvement is feasible. I...

The discounting of future felicity flows transposes to the intertemporal optimization context the assumption of interest-bearing wealth or savings. The validity of the hypothesis has been challenged by several empirical (ir)regularities and by the theoretical implications for human decision...