This paper considers non-linear taxation to regulate fisheries. It compares that instrument with quantity control and linear taxation. Traditionally the question of how to regulate fisheries has been posed as a choice between price and quantity control. A numerical example, concerned with...

This paper adapts a generalized expected utility (GEU) maximization model (Epstein and Zin, 1989 and 1991) to examine the intertemporal risk management of wheat producers in the Pacific Northwest. Optimization results based on simulated data indicate the feasibility of the GEU optimization as a...

We consider a health authority seeking to allocate annual budgets optimally over time to minimize the discounted social cost of infection(s) evolving in a finite set of groups. This optimization problem is challenging since the standard SIS epidemiological model describing the spread of the...

Economic analysis of optimal ecosystem management in the presence of a threshold has typically ignored the potential for induced behavioral responses. This paper contributes to the literature on non-convex ecosystem management by considering the implications of a particular behavioral response...

In this paper, I show the existence and the characteristics of equilibrium in a non-renewable resource market where extraction costs are non-convex and market price is subject to stochastic shocks, an empirically relevant setting. In my model firms may be motivated to hold inventories to...

Dynamic performance of adsorption chillers (ACs) with adsorbent beds of loose grains is addressed in this paper. Temporal evolution of quasi-isobaric ad-/desorption curves for simple bed configuration of n-layers of loose grains (n = 1, 2, 4, and 8) located on a heat transfer metal support is...

I consider a non-renewable resource market where extraction costs are non-convex and market price is subject to stochastic shocks. While competitive equilibrium cannot exist if costs are non-convex and demand is deterministic, equilibrium can be supported in the context of stochastic demand. The...

Incorporating adaptive learning into macroeconomics requires assumptions about how agents incorporate their forecasts into their decision-making. We develop a theory of bounded rationality that we call finite-horizon learning. This approach generalizes the two existing benchmarks in the...

We provide a synthesis of the economics of groundwater with a focus on optimal management and the Pearce equation for renewable resources. General management principles developed through the solution of a single aquifer optimization problem are extended to the management of multiple resources...