Governments contracting with private agents for the provision of an impure public good must contend with agents who would potentially supply the good absent any payments. This additionality problem is centrally important in the use of carbon offsets as part of climate change mitigation....

For several decades, economists have been concerned with the problem of optimal resource use under uncertainty. In many studies, researchers assume that prices evolve according to an exogenous stochastic process and solve the corresponding dynamic optimization problem to yield an optimal...

The problem of when to optimally harvest trees when timber prices evolve according to an exogenous stochastic process has been studied extensively in recent decades. However, little attention has been given to the appropriate form of the stochastic process for timber prices, despite the fact...