In this paper, I evaluate the welfare implications of shortages in renewable resources, and investigate the effects of cross-subsidization on these shortages. I set up a stochastic dynamic programming model in which a benevolent central planner allocates the resource for multiple user-groups...

We examine the distribution of welfare from the introduction of Bt cotton in the United States in 1996. The welfare framework explicitly recognizes that research protected by intellectual property rights generates monopoly profits, and makes it possible to partition these rents among consumers,...

Peer-to-peer (P2P) markets allow small suppliers with limited capital to enter markets that were traditionally occupied by large firms. This feature provides a potential decentralized distribution of opportunities. To investigate the distribution of welfare and opportunities among agents, I...

This paper studies the implications of rental market policies that address evictions and homelessness. Policies that make it harder to evict delinquent tenants, for example by providing tax-funded legal counsel in eviction cases ("Right-to-Counsel") or by instating eviction moratoria, protect...

Many of the world's major cities have attracted a flurry of out-of-town (OOT) home buyers. Such capital inflows affect house prices, rents, construction, labor income, wealth, and ultimately welfare. We develop an equilibrium model, calibrated to the typical U.S. metropolitan area, to quantify...