A major concern with tradable emission permits is that stochastic permit prices may reduce a firm's incentive to invest in abatement capital or technologies relative to other policies such as a fixed emissions charge. However, under efficient permit trading, the permit price uncertainty is...

Regional prevalence of soybean Sclerotinia stem rot (SSR), caused by Sclerotinia sclerotiorum,was modeled using management practices (tillage, herbicide, manure and fertilizer application,and seed treatment with fungicide) and summer weather variables (mean monthly air temperature and...

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This article develops a framework to analyze the impacts on resource development of efficient management practices that account for possible resource conserving technological changes. Compared with the traditional management practice ignoring these changes, efficient management may not delay or...

We investigate the environmental impacts of several forms of policies that offer farmers subsides in return for adoption of conservation tillage. The policies differ on whether the tillage practice or one of the environmental benefits is targeted. We develop an environmental Lorenz curve that...

Currently Being Revised and Resubmitted. Abstract Currently Unavailable.

We develop a dynamic model to investigate the optimal time paths of carbon emissions, sequestration, and the carbon stock. We show that carbon sinks should be utilized as early as possible, and carbon flow into sinks should last until the atmospheric carbon concentration is stabilized. We rule...

We extend Real Option Theory to evaluate natural resource development projects that may bring negative net benefits and require costly restoration. Based on a new concept, irreversibility cost, we show that the degree of irreversibility becomes an endogenous choice, rather than an exogenously...

This paper shows how policies aimed at insuring health risks and those intended to improve the environment are (and should be) deeply intertwined. In the model economy, inspired by recent Chinese experience, pollution raises the likelihood of poor health in the future prompting agents to self...