The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate, when reasonably calibrated. Ample empirical evidence, however, shows that the transition paths of most countries' saving rates exhibit a statistically significant hump-shaped...

We show that in poor resource-based communities, the socio-psychological preference for employment, which arises from a strong desire to follow the communal norm of sharing in harvesting efforts, can lead to the optimality of full-employment harvesting until resource extinction. We show that...

When it comes to environmental quality preferences, it is popularly believed that Democrats (and more generally, liberals) are "green" while Republicans" (conservatives) are "brown". Does empirical evidence support this popular belief? We test the hypothesis that regional political...

We investigate the relationships between water quality and socioeconomic factors in California at the county level for the years 1993 to 2006 using 24 water quality indicators coming from seven different types of water bodies. We estimate these relationships using three classes of models: the...