A large importer who places relatively greater weight on future than current oil consumption will import less oil in the future than if it were able to commit itself in advance to future tariffs, and may find itself worse off than if it were unable to impose tariffs at all. Futures markets and...

Open-loop Nash extraction plans of exhaustible resource producers (in which producers take the plans of others as given) are time consistent, but proposed open-loop oil import tariffs are almost always time inconsistent. The paper derives a time consistent open-loop Nash tariff that can be...

If vehicles are charged for the road damage they cause, only a fraction of maintenance costs will be recovered. This paper proves that with constant returns to scale in construction and use, the balance, together with interest on the capital cost, will be recovered by congestion charges....