We study the environmental and economic effects of public abatement in the presence of multiple stable steady-state ecological equilibria. Under shallow-lake dynamics (SLD), the isocline for the stock of pollution features two stable branches, a good and a bad one. Assuming that the ecology is...

We study the rent-seeking phenomenon using a simple, static general equilibrium model. The economy consists of two sectors, both employing a constant returns-to-scale technology with labor as its sole input. One of the sectors is a monopoly, where a continuum of agents compete for a share of...

We study environmental policy in an economy-ecology model featuring multiple deterministic stable steady-state ecological equilibria. The economy-ecology does not settle in either of the deterministic steady states as the environmental system is hit by random shocks. Individual live for two...

We study the environmental and economic effects of public abatement in the presence of multiple stable steady-state ecological equilibria featuring reversible hysteresis. The isocline for the stock of pollution possesses two stable branches. Assuming that the ecology is initially located on the...