The precautionary principle (PP) applied to environmental policy stipulates that, in the presence of physical uncertainty, society must take robust preventive action to guard against worst-case outcomes. It follows that the higher the degree of uncertainty, the more aggressive this preventive...

Standard economic models of groundwater management impose restrictive assumptions regarding perfect transmissivity (i.e., the aquifer behaves as a bathtub), no external effects of groundwater stocks, observability of individual extraction rates, and/or homogenous agents. In this article, we...

Standard economic models of groundwater management assume perfect transmissivity (i.e., the aquifer behaves as a bathtub), no external effects of groundwater stocks, and/or homogenous agents. In this article, we develop a model relaxing these assumptions. Although our model generalizes to an...

Abstract Consider a collection of m indivisible objects to be allocated to n agents, where m=n. Each agent falls in one of two distinct categories: either he (a) has a complete ordinal ranking over the set of individual objects, or (b) has a set of "plausible" benchmark von Neumann-Morgenstern...

When a regulator cannot observe or infer individual emissions, corrective policy must rely on ambient pollution data. Assuming this kind of environment, we study a class of differential games of pollution control with profit functions that are polynomial in the global pollution stock. Given an...

We study the problem of dissolving a partnership when agents have unequal endowments. Agents bid on the price of the entire partnership. The highest bidder is awarded the partnership and buys out her partners' shares at a per-unit price that is a function of the two highest bids. We show that...

The precautionary principle (PP) applied to environmental policy stipulates that, in the pres- ence of physical uncertainty, society must take take robust preventive action to guard against worst-case outcomes. It follows that the higher the degree of uncertainty, the more aggressive this...

Consider a collection of m indivisible objects to be allocated to n agents, where m = n. Each agent falls in one of two distinct categories: either he (a) has a complete ordinal ranking over the set of individual objects, or (b) has a set of “plausible” benchmark von Neumann-Morgenstern...

This paper illustrates the main results of an expert elicitation survey on advanced (second and third generation) biofuel technologies. The survey focuses on eliciting probabilistic information on the future costs of advanced biofuels and on the potential role of RD&D (Research, Development and...