China feeds twenty-two percent of the world's population on seven percent of its arable land. In contrast, the U.S. and Canada own seventeen percent of the world's arable land, but feed only five percent of its people. As China's income increases, its people will demand more livestock products,...

While nearly instantaneous commodity futures price information provides price forecasts for national markets, many market participants are interested in forecasting local cash prices. Expected basis estimates are often used to convert futures prices into local price forecasts. This study...

While there is a rich literature on both the spatial impact of taxation and the efficient composition of differential classified taxes, there is a paucity of research on the role of spatial land competition in the choice of these taxes. This paper analyzes the efficient choice of a classified...

By allowing carriers to route telephone calls over low-cost private lines, international simple resale (ISR) makes it possible for carriers to provide international telephone service without owning an international circuit. When approved, ISR reduces entry barriers and can increase competition....

In markets where consumers have switching costs and firms cannot price discriminate, firms have two conflicting strategies. A firm can either offer a low price to attract new consumers and build future market share or a firm can offer a high price to exploit the partial lock-in of their existing...

This chapter extends the existing theory of tradable emissions permit markets to allow for tradable permits and offsets. Offsets are currently incorporated into the EU ETS, and in the future similar assets will likely become a feature of many pollution control systems. A model is developed with...