Recreation demand modeling efforts are often limited by the range of variation in observed environmental quality. To address this limitation, the practitioners increasingly makes use of contingent behavior (CB) data; i.e., asking survey respondents to forecast their trip patterns under...

The English auction is susceptible to tacit collusion when post-auction inter-bidder resale is allowed. We show this by constructing equilibria where, with positive probability, one bidder wins the auction without any competition and divides the spoils by optimally reselling the good to the...

This paper studies fertility choices and fertility policies when children's earning abilities are random and parents are altruistic. We characterize equilibrium allocations arising in endowment economies with either complete or incomplete markets. Both models can replicate a number of empirical...

Many issues and some myths are drivers of change in the emerging transition to a bioeconomy.   This working paper focuses on two of the key drivers in much of the discussion and they are not likely to disappear from the agenda anytime soon. First is the broad based national priority for...

 There are many issues and some myths that are drivers of change in this transition. World hunger, biotechnology, food versus fuel, and indirect land use; organic, natural, local foods, obesity, nutrition, and food safety; housing, healthcare, credit institutions, and economic recovery; and...

Hansen and Lonstrup [Journal of Population Economics, 2012] construct a three-period, life-cycle model to study the famed Ben-Porath mechanism and attempt to reconcile it with the empirical findings in Hazan [Econometrica, 2009]: increased life expectancy has a positive effect on schooling but a...

Other working papers are available at my homepage: gray.clhn.co. I've added this link as a "working paper" because our CMS is a little awkward to deal with. Sorry about any confusion.

We investigate the effectiveness of initiating deposit insurance at the outset of a banking crisis. Using a conjoint analysis approach that allows us to consider the simultaneous impact of multiple deposit insurance attributes and various counterfactuals, we ask a multinational sample of...