Incomplete markets do not provide accurate information about people's subjective valuations of goods. Knowledge of these subjective valuations is often important, however, for example when compensation payments for damaged or destroyed property are required. We argue that in such cases, an...

Transportation improvements tend to raise property values. But how do they affect the two components of property value, land and buildings? We develop a simple model to show that transportation improvements that raise the value of land generally lower the value of existing buildings. Our model...

We assess the frequencies with which fourteen voting rules encounter nine voting paradoxes and ties, using a statistical model that simulates ranking profiles that follow the same distribution as ranking profiles in actual elections. Thus the frequencies that we estimate from our simulated data...

One criterion for evaluating voting rules is the frequency with which they select the best candidate. Using a spatial model of voting that is capable of simulating data with the same statistical structure as data from actual elections, we simulate elections for which we can define the best...

When urban renewal requires land assembly, owners who hold out may delay or prevent efficient redevelopment. Governments that use eminent domain to take such properties might cause socially inefficient redevelopment if they underestimate the values of these properties. None of the recent...

The efficiency of mechanisms to control CO2 emissions is limited by disagreement about the harm from these emissions. Thus existing emission control mechanisms require negotiated compromise regarding either the efficient price or the level of emissions to be tolerated. As an alternative to...

Among sources of public revenue that make nations richer, the most beneficial are charges for harms, such as pollution and congestion, and charges for the private benefits from public services. Increases in the money supply sufficient to keep price changes in line with expectations are also...