Sustaining future generations requires cooperation today. While individuals’ selfish interests threaten to undermine cooperation, social institutions can foster cooperation in intergenerational situations without ambiguity. However, in numerous settings, from climate change to the biodiversity...

Payments-for-Ecosystem-Service (PES) schemes increasingly use auctions to target funds to low-cost providers, aiming to increase efficiency and value-for-money. To date, these PES auctions have universally employed ``Pay-as-Bid'' (PaB) pricing, in which successful bids are paid the amount they...