We analyze the welfare effects of horizontal mergers in the context of a Counot oligopoly model in which firms have different marginal costs of production. A merger may allow for a shift from less efficient more efficient producers (rationalization of production). A merger may increase social...

In this paper we analyze a model in which initially there is a single firm that harvests from a common property resource. The firm faces potential entry of a rival in the future. The costs of harvest from the resource is a function of the stock size. By drawing down the initial population, the...

This paper presents a comprehensive economic framework for the conservation of biological diversity. This framework combines a simple model for valuing different sets of species with a decision theoretic model involving extinction probabilities to identify the optimal conservation strategy....

Concerns that the loss of habitat have greatly increased species extinction rates has led to calls for establishing biological reserves to preserve key habitat. In this paper, we study reserve site selection for terrestrial vertebrates in Oregon using data on species ranges and land values. We...

This paper describes a model under which the maximization of option value leads to a preference for biological diversity arising from potential substitutability among species. Copyright Kluwer Academic Publishers 1993

The threat of future entry affects the exploitation of common property resources in important ways. An incumbent has a strategic incentive to manipulate the resource stock to deter entry or to harvest more stock prior to entry rather than share the resource with the entrant. It is possible that...

We analyze a model of environmental regulation with learning about environmental damages and endogenous choice of emissions abatement technology by a polluting firm. We compare environmental policy under discretion, in which policy is updated upon learning new information, versus under rules, in...