Shadow prices guide farmers' resource allocations, but for subsistence farmers growing traditional crops, shadow prices may bear little relationship with market prices. We econometrically estimate shadow prices of maize using data from a nationally representative survey of rural households in...

This paper shows that the finance and growth relationship is as important in resource-based economies as in other economies. This paper also documents less developed financial systems in resource-based economies and banks that are more liquid, better capitalized and more profitable, but give...

We develop a consistent and comprehensive theoretical framework for assessing whether economic growth is compatible with sustaining well-being over time. The framework focuses on whether a comprehensive measure of wealth – one that accounts for natural capital and human capital as well as...

We describe three essential elements of an effective post-2012 international global climate policy architecture: a means to ensure that key industrialized and developing nations are involved in differentiated but meaningful ways; an emphasis on an extended time path of targets; and inclusion of...

It is nowadays unquestionable that the defense of the environmental quality and to it safeguards of the natural resources are fundamental slopes of the social development. The exploration of the common natural resources (water, air, soil, natural landscapes and humanized) it has been provoking...

We study the profitability of horizontal mergers in nonrenewable resource industries, which account for a large proportion of merger activities worldwide. Each firm owns a private stock of the resource and uses open-loop strategies when choosing its extraction path. We analytically show that...

We investigate the relationships between different types of OPEC announcements and term structure variables (level, slope and curvature) for WTI crude oil futures. We find that agreements to increase (decrease) production are positively (negatively) associated with changes in oil price levels in...

This paper investigates the causes of extreme fluctuations in commodity prices from 1990 to 2010. Analyzing two very distinct commodities-crude oil and fine wine, we find that macroeconomic factors are the main determinants of commodity prices. Although supply constraints have the expected...

This research article is concerned with the overlap between the fields on non-renewable energy sources and environmental economics. In extracting a non-renewable energy source today, for current consumption, we are reducing the stock of that resource available for future generations. If, as...

The standard real-options model predicts that increased uncertainty discourages investment. When projects are large and take time to build, however, this prediction can be reversed. We investigate the investment/uncertainty relationship empirically using historical data on opening dates of new...