Environmental policy, focusing on the control of pollution and on over-exploitation, easily overlooks the extensive range of interconnections between economic activities and natural systems. In this timely book, a number of specialists examine how crucial aspects of complex environmental...

The efficiency of two-party incomplete information sequential bargaining over an entitlement relating to external harm is analyzed under two alternative property rights regimes: definite entitlements, where a rule allocates the entitlement to one of the parties in an ex ante certain way; and...