An alternative to traditional regulations of fisheries to avoid rent dissipation is the use of individual transferable quotas (ITQ <Subscript> s </Subscript>) where prices in the quota market provide the necessary information to owners of harvest rights to contract with each other. However, even under such a...</subscript>

Suppose that your choice between uncertain financial prospects is made more difficult by two independent contextual uncertainties concerning the size of your existing wealth. One contextual uncertainty has a greater spread than the other. If you could resolve one of these contextual...

Voluntary military alliances, such as NATO, are often criticized for failing to exploit the opportunities for equipment standardization and free trade. However, nationalism means that governments adopt a variety of industrial policies for purchasing defense equipment, leading to departures from...