General principles of groundwater management for a single aquifer are extended to the management of multiple water resources, including additional aquifers, recycled wastewater, and desalinated seawater. Optimal groundwater extraction can be incentivized by pricing according to the Pearce...

This report provides quantitative and qualitative measures of the impact of same-sex marriage on Hawai'i's economy and government. We find that marriage equality is likely to lead to substantial increases in visitor arrivals, visitor spending, and state and county general excise tax revenues. We...

We investigate whether the credit contraction that followed the global financial crisis is due to high foreign ownership or high reliance on foreign finding. We apply panel vector autoregressions to quarterly data for 41 countries and find that domestic credit growth is highly sensitive to...

We review the theory of optimal conjunctive-use management absent transaction costs as a point of departure for a second-best theory of management. We first explore the problem of optimal pricing of surface water when groundwater remains unregulated. We then move to consideration of...

Neoclassical trade theory suggests that factor price convergence should follow increased commercial integration. Rising commercial integration and foreign direct investment followed the 1994 North American Free Trade Agreement between the United States and Mexico. This paper evaluates the degree...

We use dynamic panel data regressions to investigate whether the strength of a country’s patent protection for pharmaceuticals is associated with more pharmaceutical patenting by its residents and corporations in the United States. Using the Pharmaceutical Intellectual Property Protection...

Both the economics and the engineering of irrigation design are typically based on the assumption of a single source. The more general economic problem is to determine which sources should be developed and how water should be allocated and delivered to various receptor-farmers. This is a problem...

Social scientists argue that post-World War II land reforms in East Asia were critical ingredients in the region’s strong economic growth, but pay little attention to how large-scale land confiscations might affect the security of property rights in each country. A review of the history...

There has been a proliferation of preferential trade agreements within the last two decades. This paper analyzes the effects of free trade agreements (FTAs) on external tariffs in small economies where protection decisions are made politically. It extends the Grossman and Helpman (1995) model by...

Dynamic externalities are at the core of many long-term environmental problems, from species preservation to climate change mitigation. We use laboratory experiments to compare welfare outcomes and underlying behavior in games with dynamic externalities under two distinct settings:...