We consider a competitive extraction industry comprising many small firms, each with a slightly different quality of mineral holdings. With "rapidly" declining quality of holding per firm, we observe rent declining over an interval. We then take up the familiar planning model and isolate the tax...

Each extractor has a distinct quadratic extraction cost and faces a linear industry demand schedule. We observe that the open loop and closed loop solutions are the same if initial stocks are such that each competitor is extracting in every period in which her competitors are extracting.

A group of firms issuing equity claims on its capital stock have all capital as an exhaustible resource. We introduce such firms into the set of n firms who have issued equities in the Capital Asset Pricing Model (CAPM) and observe how the interaction of demand for oil by users and demand for...

Strategic considerations of exploration and extraction are investigated in a two player, two period, two stage perfect equilibrium framework. Relative to two plant monopoly, the duopolists explore more and extract more. A mixed game where there is co-operation "upstream" in exploration and...

We set out an open, monocentric city with residential structures and reflect on how changes to an amenity index affcts the city. On the production side, the shock is represented by a productivity improvement and a local wage increase and on the consumption side the shock is represented by an...

We back out an estimate of a personal discount rate of between 3 and 4 percent for a person with a life expectancy of 74 years who dies at age 30 (or 40) and has a value of statistical life of $6.3 million. Central to these calculations is the series generated by Murphy and Topel of value of...

The nature of demand uncertainty is investigated for book publishing. Different competitive environments for publishers are considered. Social welfare implications of decentralized publishing are kept in focus. Discussion of author-publisher conflict and contract formation is analyzed.

An agent adjusts its harvest in an intertemporal optimization problem taking other agents' harvests as fixed. With stock size affecting harvest costs, an intertemporal externality is present. Cooperative and competitive solutions are compared given an exogenously fixed number of agents. Then an...

Free entry to a depletable stock can be unstable-- output price can rise faster than costs as harvests fall, entry is encouraged and further harvest and stock declines follow. V. Smith argues that the fishery is stable under free access. We suggest that recent world wide moves to restrict entry...

Arrow's axiom of independence of irrelevant alternatives has no intuitive appeal in relating social and individual rankings in certain cases (Condorcet cycling) to cases where majority voting results in a transitive social ranking of alternatives. We suggest that if person i is decisive in a...