The use of cap-and-trade to regulate air pollution promises to achieve environmental goals at lower cost than traditional prescriptive approaches. Cap-and-trade has been applied to various air pollutants including sulphur dioxide, nitrogen oxides and volatile organic compounds in the United...

Two-sided platforms (2SPs) cater to two or more distinct groups of customers, facilitating value-creating interactions between them. The village market and the village matchmaker were 2SPs; eBay and Match.com are more recent examples. Other examples include payment card systems, magazines,...

U.S. v. Microsoft and the related state suit filed in 1998 appear finally to have concluded. In a unanimous en banc decision issued in late June 2004, the D.C. Circuit Court of Appeals rejected challenges to the remedies approved by the District Court in November 2002. The wave of follow-on...

Using a quasi-field experiment, we report on subjects' perceptions of the risks of hurricanes. All experimental subjects were displaced by either Hurricane Katrina or Rita, in New Orleans and other Gulf Coast areas, except for a small control group consisting of people who live in central Texas....

Travel cost models are routinely used to assess the impact of policy changes on consumer’ s surplus. In this paper we show that when the policy change leads to a partial closure of the resource, then the standard use of consumer’ s surplus per trip can be inappropriate depending upon the...

Despite two decades of debate, there remains little consensus about what sustainability is, and how it should be achieved. Economists primarily portray sustainability as a macro-level concern, but there has been less attention on the implications of this social objective for policies related to...

We explore the distributional consequences of various fee schemes and other policy programs to reduce overfishing in the gulf of Mexico recreational fishery. The econometric model allows the marginal utility of income to vary across three income groups. We find that flat fees have a strong...