No abstract available for this item.

No abstract is available for this item.

I model the participation of firms in a voluntary agreement as a costly certification process whereby a firm informs the Regulator of its pollution intensity. Without this knowledge, the Regulator imposes the same tax on all firms in a heterogeneous industry, unduly hurting the clean ones with...

Since its establishment in 1903, the National Wildlife Refuge System (NWRS) has grown to 635 units and 37 Wetland Management Districts in the United States and its territories. These units provide the seasonal habitats necessary for migratory waterfowl and other species to complete their annual...

We propose a valuation model for a bank which faces a bankruptcy risk. Banks are identified with a possibly infinite random sequence of net benefits. A bank is solvent as long as its benefits remain non-negative. To preserve distressed banks from destruction, banks will be pooled within a...

This paper provides an analysis of screening contracts in a complete but imperfect information environment as opposed tothe usual incomplete information (Bayesian) environment. An agent faces a hold-up situation while making a cost-reducing specific investment that is not observed by the...

Does a better monitoring (transparency) of officials lowers the incidence of corruption ? Using a common agency game with imperfect information, we show that the answer depends on the measure of corruption that one uses. More transparency lowers the prevalence of corruption but it may raise the...

The State may tax the extraction of a public natural resource in different ways. I consider the relative performances of a fixed fee, an ad valorem tax and a rent tax when the State must receive a minimal revenue for exploitation to take place. Taxing the resource may lower the probability that...

Ce texte présente une esquisse des éléments que devrait inclure une analyse coûts-bénéfices de la pertinence de développer la filière de l'extraction du gaz de shale au Québec.