We model countries' choice of greenhouse gas (GHG) emissions as a dynamic game. Emissions generate immediate benefits to the emitting country but also increase atmospheric GHG concentrations that negatively affect present and future welfare of all countries. Because there are no international...

We model a dynamic common property resource game with unobservable actions and non-linear stock-dependent costs. We propose a strategy profile that generates a worst perfect equilibrium in the punishment phase, thereby supporting cooperation under the widest set of conditions. We show under what...

This paper delineates circumstances in which a first-best cooperative solution can be supported as a subgame perfect equilibrium in a dynamic common property renewable resource game. In a game with nonlinear resource stock effects on cost, we characterize a worst perfect equilibrium that...

We analyze a model of environmental regulation with learning about environmental damages and endogenous choice of emissions abatement technology by a polluting firm. We compare environmental policy under discretion, in which policy is updated upon learning new information, versus under rules, in...

We model a dynamic common property resource game with unobservable actions and non-linear stock dependent costs. We propose a strategy profile that generates a worst perfect equilibrium in the punishment phase, thereby supporting cooperation under the widest set of conditions. We show under what...

This paper presents a noncooperative dynamic game with overlapping generations of players using a common-property natural resource, and identifies conditions under which cooperation is supported as an equilibrium of the game. It explores how heterogeneity among the resource users and access to...

This paper explores the efficiency of tradable permit markets for stock pollutants. With uncertainty about the future stock level or damages, a market with banking and borrowing is inferior, in terms of efficiency, compared to a market without banking and borrowing if the regulator commits to an...

We evaluate how land use change and the value ecosystem services affect the decision to invest in public land acquisitions. Our application is for the state of Minnesota, and we consider the acquisitions by Department of Natural Resources over the last two decades. We calculate a return on...