We address the long-standing challenge of adding optimal exploration to the classic Hotelling model of a non-renewable resource. We completely solve such a model, using impulse control. The model, extending Arrow and Chang (1982), has two state variables: "proven" reserves and a finite...

Heterogeneous yield impacts from adoption of genetically engineered corn and the importance of controlling for weather /Jayson L. Lusk, Jesse Tack, and Nathan P. Hendricks --Impacts of climate change and extreme weather on US agricultural productivity: evidence and projection /Sun Ling Wang,...

The Green Paradox posits that fossil fuel markets respond to changing expectations about climate legislation, which limits future consumption, by shifting consumption to the present through lower present-day prices. We demonstrate that oil futures responded negatively to daily changes in the...