Exploration for an exhaustible natural resource is valuable because it produces information about the resource stock. The author models a duopoly-exhaustible resource industry with imperfect information about stock size as a two-period game, where each period is made up of an exploration stage...

The authors consider a common-property resource sold in imperfectly competitive markets. There is a dynamic externality (current harvests lower future stocks, raising future harvest costs) and a static (crowding) externality. Increasing industry size raises costs but lowers prices; thus, it has...

Regime shifts are substantial reorganizations in system structure, functions and feedbacks, which can lead to changes in the provision of ecosystem services with significant impacts on human well-being. Recent research has documented cases of regime shifts in local and regional systems and there...

We compare groundwater use under collective well management in China, where village leaders allocate water among households, and under private well management where farmers either pump from their own wells or buy water from wells owned by other farmers. Villages are divided into connected or...

In 2005, The Millennium Ecosystem Assessment (MA) provided the first global assessment of the world's ecosystems and ecosystem services. It concluded that recent trends in ecosystem change threatened human wellbeing due to declining ecosystem services. This bleak prophecy has galvanized...

We analyze how the threat of a potential future regime shift affects optimal management. We use a simple general growth model to analyze four cases that involve combinations of stock collapse versus changes in system dynamics, and exogenous versus endogenous probabilities of regime shift. Prior...