"Fisher (1904, p. 387) defined capital as "a stock (of wealth or property, or the value of either) existing at an instant of time." Fisher's conception of capital is inextricably linked to time. The value of a capital asset is derived from its potential to provide a flow of benefits through the...

‘Green’ markets represent a means through which public goods can be privately provided. A green product is an impure public good consisting of a private good (e.g., rain forest honey) bundled with a jointly produced public good (e.g., biodiversity protection). In the context of ecosystem...

The purpose of this paper is to analyze open access exploitation of the Northeast Atlantic minke whale. In particular the question whether open access could lead to stock extinction is addressed. A bioeconomic model of the open access fishery is developed and estimated for data from Norwegian...

This paper develops a dynamic model of groundwater contamination by the pesticide aldicarb on eastern Long Island. We estimate what the likely concentration would have been under static profit maximization and the marginal damage coefficient implied by the New York State health standard of 7...