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 develop a framework to analyze urban water tariff setting and its welfare implications and apply it to a panel of cities in the People's Republic of China in the 2000s. First, we find that peer cities' water tariff levels have a significant influence on a city's choice of tariffs. We use the...

We embed a North-South trade model into an incomplete contracts setting where the production of heterogeneous firms can be geographically separated. When a Northern headquarter contracts with a Southern supplier instead of a Northern supplier, the presence of international incomplete contracts...

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...

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...