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...

This paper discusses both the opportunities for and the challenges associated with integrating economics and ecology in the study of ecosystem services. We distinguish between integration in positive versus normative analysis. There is rapid growth in positive research that combines the two...

We use a two-period model to analyze the short run and long run profitability and welfare consequences of horizontal mergers, where the equilibrium responses to a merger can differ over time. Although firms can anticipate the merger, they can only adjust their capacity in the long run.We find a...

The Economic Case for Nature is part of a series of papers by the World Bank that lays out the economic rationale for investing in nature and recognizes how economies rely on nature for services that are largely underpriced. This report presents a first-of-its-kind global integrated...

The Economic Case for Nature is part of a series of papers by the World Bank that lays out the economic rationale for investing in nature and recognizes how economies rely on nature for services that are largely underpriced. This report presents a first-of-its-kind global integrated...

How do refugee camps impact the natural environment This paper examines the case study of Cox's Bazar, Bangladesh, a district that hosts nearly 1 million Rohingya refugees in refugee camps. Using spatially explicit data on land-use / land cover and proximity to a camp boundary, the paper...

How do refugee camps impact the natural environment This paper examines the case study of Cox's Bazar, Bangladesh, a district that hosts nearly 1 million Rohingya refugees in refugee camps. Using spatially explicit data on land-use / land cover and proximity to a camp boundary, the paper...

Environmental regulators often have imperfect information about regulated firms' abatement costs. In this paper we compare taxes and emissions permits in a dynamic setting in which firms behave strategically. The regulator updates policy over time based upon previous aggregate industry...