An economic activity interacts with an endangered species. The activity can be divided into mutually exclusive strata with different levels of interaction. Observing the activity in order to monitor interactions is costly. It may be desirable to manage the activity with a probability model which...

An economic activity interacts with an endangered species. The activity can be divided into mutually exclusive strata with different levels of interaction. Observing the activity in order to monitor interactions is costly. It may be desirable to manage the activity with a probability model which...

Many production processes feature joint production of a desirable output with an undesirable byproduct. Producers and consumers of the desirable output mutually benefit at the expense of non-consumers, who bear external damage costs imposed by production of the undesirable byproduct. A standard...