We investigate the problem of subsidising afforestation when private information exists with respect to the level of private utility derived from the project. We develop a simple model that allows for an intelligent design of contracts when information is asymmetric. The model involves the...

The hedonic pricing method has been used extensively to obtain implicit prices for availability of urban green space, but few hedonic studies have obtained households' preference parameters. We estimate willingness to pay functions for park availability in Copenhagen using an approach that...

We analyse the housing markets in a suburb north of the Danish capital Copenhagen. We find that households sort themselves in relation to nature area. The concentration of affluent households decreases rapidly with distance to nature. This indicates that a welfare change generated by a change in...

What role do people think distributional aspects should play in design of climate policy? The literature assessing climate policies has shown that assumptions regarding peoples' distributional preferences for climate change policy impacts are central for policy assessment, but empirical evidence...

Abstract Credit-constrained households must use savings both to smooth consumption and to finance productive investments. This non-separability between consumption and production decisions is ignored in the standard intertemporal buffer-stock consumption model where income growth is exogenous....

In Denmark, many small-scale forest owners are affiliated to local district offices of The Danish Forestry Extension Service. Increasing economic pressure has caused a search for more efficiency in the Service, including potential reorganisation. In this paper, the efficiency of the different...

Two important aspects of global environmental problems are that (1) the actions of past generations affect the opportunities of the present, and (2) both in the past and the present generations, collaboration across different countries is needed to provide global public goods. In this paper, we...

This paper considers optimal investment behaviour when investment options evolve deterministically or stochastically over time and investments are irreversible and indivisible. It extends the standard investment-under-uncertainty set-up with a single investment option to the case of repeated...

We investigate a bureaucratic principal responsible for the procurement of goods and services from private agents. The bureaucrat is evaluated on output and controlled by a limited budget. The agents maximize profit, have private information about variable production costs, and have positive...