Previous studies have found underestimation of risk, or overconfidence, to be a key factor in entrepreneurship. We use a simple model of competitive equilibrium to show that an irrational under-estimation of risk provides a competitive advantage leading to a greater chance of survival under...

Ecotourism presents developing countries with growing opportunities for attracting foreign exchange and enhancing economic growth, but also raises some pressing management challenges for national parks and other protected areas. This paper presents a framework for analyzing the impacts of...

In this paper we derive a joint continuous/censored demand system suitable for the analysis of commodity demand relationships using panel data. Unobserved heterogeneity is controlled for using a correlated random effects specification and a Generalized Method of Moments framework used to...

We show how leakage differs, depending on the biofuel policy and market conditions. Carbon leakage is shown to have two components: a market leakage effect and an emissions savings effect. We also distinguish domestic and international leakage. International leakage is always positive, but...

This paper applies a partial identication approach to poverty measurement when data errors are non-classical in the sense that it is not assumed that the error is statistically independent of the outcome of interest, and the error distribution has a mass point at zero. This paper shows that it...