Since Hardin first formulated the tragedy of the commons, researchers have described various ways that commons problems are solved, all based on the model of individual rationality. Invariably, these institutional solutions involve creating some system of property rights. We formulate an...

1. Representation and policy : a framework for analysis -- 2. Four corners states under stress -- 3. Citizen legislatures : the barriers to good policy -- 4. The voters' logic : how issues are clustered -- 5. Water scarcity and the politics of plenty -- 6. Environmental issues : symbols and...

My theme under the heading ‘Leadership as a resource — interpersonal skills’ will focus attention on recognising, developing, constructing and resourcing a major, albeit often unrecognised, and apparently intangible, factor in the success or failure of ‘adaptation’: the skills,...

To value non-transferable non-hedgeable (NTNH) contingent claims and price executive stock options (ESOs), we use a replication argument to translate portfolios with NTNH derivatives into portfolios of primary assets (only) with stochastic portfolio constraints. By identifying stochastic...

Despite extensive research demonstrating relationships between hope and well being, little work addresses whether hope is malleable. We test a single-session, 90-min intervention to increase college students’ hopeful goal-directed thinking (as defined by Snyder et al. in, Pers Soc Psychol...

Voting in an election in which elimination of the local car tax is the central issue shows how a highly visible universal tax cut can prevail in the electoral process even if benefits are skewed toward upper income households. These results are consistent with positive models of fiscal structure...

type="main" xml:lang="en" <title type="main">ABSTRACT</title> <p>This paper investigates the term structure of interest rates in a multiperiod production and exchange economy with incomplete information. Unable to observe their stochastic investment opportunities, investors engage in dynamic Bayesian inference. This results...</p>