Sustainability and efficiency are potentially conflicting social objectives in natural resource management. We propose a market mechanism to allocate use rights over a stochastic resource to private managers. The mechanism endogenously determines the maximal tenure length guaranteeing that the...

Sustainability and efficiency are potentially conflicting social objectives in natural resource management. We propose a market mechanism to allocate use rights over a stochastic resource to private managers. The mechanism endogenously determines the maximal tenure length guaranteeing that the...

In real-life, individuals are often assigned to binary treatments according to existing treatment protocols.  Such protocols, when designed with “taste-based†motives, would be productively inefficient in that the expected returns to treatment for the marginal treatment recipient...