This article extends recent insights from new institutional economics to explore the relevance of the concept of meso-institutions. It does so through the exploration of the case of the Brazilian Forest Code, pointing out how and why meso-institutions play a key role in making public policies...

We study how international environmental agreements can take advantage of domestic time-inconsistency problems. Policymakers often prefer future policies to be sustainable, but are tempted to invest less when being in office. We find the equilibrium number of signatory countries to be higher...

We study pricing in the voluntary carbon market (VCM) using a novel proprietary dataset of sales of emission reduction certificates (credits) by a leading VCM dealer. We document extraordinary price dispersion, with carbon credits trading between a few cents and $100 per ton of CO2. Prices are...

As awareness of the environmental and social impacts of agri-food systems grows, the adoption of voluntary sustainability standards (VSS) is promoted to encourage sustainable farming practices. However, the adoption of VSS remains limited. There is also a limited understanding of the factors...

Beef is a "deforestation risk" commodity, and its production is environmentally challenging, given its exceptionally high carbon, water and land footprints. Europe is the world's third largest beef producer, following Brazil and the United States. Under European Union law, firms operating along...

Voluntary sustainability standards (VSS) provide consumers with the assurance that certified products are produced under more sustainable conditions. While the literature on VSS has expanded considerably, most studies rely on cross-sectional data, thereby providing only a snapshot in time and...