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This paper studies monopoly extraction of a nonrenewable resource with the presence of a competitively supplied capacity constrained renewable substitute. The monopolist staves off the renewable supply when the latter becomes competitive and then lets the resource price jump up.
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The two-parameter Birnbaum--Saunders distribution is widely applicable to model failure times of fatiguing materials. Its maximum-likelihood estimators (MLEs) are very sensitive to outliers and also have no closed-form expressions. This motivates us to develop some alternative estimators. In...
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This paper studies optimal education policies under endogenous borrowing constraints in a standard life-cycle model. In a closed economy, a policy that appropriately bundles an education subsidy with an old-age pension can restore the complete market allocation. Such a policy also removes...
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