The electric power industry finds itself at a critical juncture—increased regulation of its emissions combined with a shift in U.S. energy policy to emphasize renewable energy. Industry executives must determine the timing and the extent of their investments in clean technology to...

The industrialization of animal agriculture has fundamentally transformed animal health markets while animal health innovations have promoted this industrialization. The subtlety of these interactions shows how little we know about agricultural industrialization. To illustrate, we consider three...

Since its origin, ecotourism development has been at the centre of controversial and heated debates within the environmental and scientific society. On one hand, it has been considered as a model of responsible and sustainable tourism with the capacity to guarantee the conservation of the...

We build a subgame perfect Nash equilibrium of a common property productive asset oligopoly. We derive two surprising results. First, the steady state level of asset can be a decreasing function of the asset’s implicit growth rate. This phenomenon arises when the initial stock of asset is...

We develop a model of scarce, renewable resources to study the commons problem. We show that, contrary to conventional wisdom, property rights can often be less efficient than a commons. In particular, we study two effects: (1) waste which arises when individuals expend resources to use a...

In current research there is increasing evidence on why and how common-pool resources are successfully, i.e. sustainably, managed without the force of (often unsuccessful) top-level policy regulations. G. Hardin argued in 1968 in his Tragedy of the Commons (Hardin 1968) that commons must become...

Both in science as in politics, the euro project is an intensively discussed topic. While some predict maintaining it will lead europe in a glorious future, others consider it to be the evil ruining the old continent. The present work addresses the question how common pool ressources, that are...

Central bank credit has expanded dramatically in some of the Euro Area member countries since the beginning of the financial crisis. This paper makes two contributions to understand this stylized fact. First, we discuss a simple model of monetary policy that includes (i) a credit channel and...

In organizations, conflict often revolves around commons resources because they are critical for influence, performance, and organizational survival. Research on property rights, territoriality, and social dilemmas suggests that to reduce such conflict, organizations should facilitate the...

This paper provides a general framework with which a dynamic problem with potential regime shifts can be analyzed in a strategic environment as well as from social planner’s perspective. A typical situation described by such a game is the joint exploitation of a common-property resource such...