Marine pollution associated with shipping accidents has resulted in a Congressional mandate for double hulls on tankers in U.S. waters. In this paper, we formulate a social planner's problem using optimal control theory to examine the relative cost-effectiveness of double hulls and alternative...

Learning is often perceived as a cost-reducing endogenous by-product of production processes. In many applications this by-product is modeled as a learning curve; that is, a simple function of time or of cumulative production experience. In an earlier paper we presented an alternative explanation...