In developing countries, consumers can buy many goods from either the formal sector or the informal sector and choose the sector to patronize based on the product's price there and anticipated quality. We assume that firms can produce in either sector and can adjust quality at a cost. In the...

We consider a health authority seeking to allocate annual budgets optimally over time to minimize the discounted social cost of infection(s) evolving in a finite set of groups. This optimization problem is challenging since the standard SIS epidemiological model describing the spread of the...

Over the past 60 years, forest tenure in China has oscillated unpredictably between private and common-property regimes. This policy-induced uncertainty has distorted land owners’ harvesting decisions and has lowered the value of China’s forest output. We provide an analytical framework for...