The tragedy of the commons occurs when too many users extensively use public goods, such: common pastures, fisheries, roads, etc. As it is shown in the paper (particularly basing on the UE fisheries policy), defining strong property rights to common resources (and allowing to trade these rights)...

We study how excessive debt-GDP ratios affect political sustainability of prudent fiscal policy in country members of a monetary union. We develop a model with free choice of distinct rent-seeking groups to cooperate (or not) in providing public goods, in seeking rents, and in austere debt...

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...

We consider the effect of an increase in the risk from pollution. We show that in the case of a flow pollution, when the number of players is sufficiently large, the result of Bramoulle and Treich, showing that a marginal increase of risk in the neighborhood of a risk-free world is...

Since few years, most of the common ownership tends to disappear. The social and economical context was confident in the economic argument underlining the inefficiency of common property. The economic argument had a major influence in the disqualification of the latter, especially because it put...

The debates about how to deal with government budget deficits are raging all over the world. In the US, the federal government was forced to shut down for 16 days in October, 2013 because of the failure to pass a budget through congresses, and barely averted a default of federal government...

Tropical and subtropical grasslands have been the single-most valuable resource throughout the course of human evolution, and, to this point, despite fundamental errors associated with economic theory which suggest otherwise, these rangelands remain amongst the most evolutionarily stable (and...

The tragedy of the commons occurs when too many users extensively use public goods, such: common pastures, fisheries, roads, etc. As it is shown in the paper (particularly basing on the UE fisheries policy), defining strong property rights to common resources (and allowing to trade these rights)...

We study the effect of environmental risk on the extraction of a common resource. Using a dynamic and non-cooperative game in which an environmental event impacts the renewability and the quality of the resource, we show that the anticipation of such an event has an ambiguous effect on...

This paper presents a simple model of a common access fishery where fishermen care about relative performance as well as absolute profits. Our model captures the idea that status (which depends on relative performance) in a community influences a person's well-being. In our main specification,...