It is often argued that projects involving public good changes should be chosen on the basis of monetary valuation and cost-benefit analysis (CBA). In democratic project selection processes, however, decision-makers cannot generally interpret CBA as measuring projects' social welfare effects....

I explore possible impacts of reciprocal preferences on participation in international environmental agreements. Reciprocal countries condition their willingness to abate on others' abatement. No participation is always stable. A full or majority coalition can be stable, provided that...