Spatial connectivity of renewable resources induces a spatial externality in extraction. We explore the consequences of decentralized spatial property rights in the presence of spatial externalities. We generalize the notion of unitization - developed to enhance cooperative extraction of oil and...

Input subsidies in natural resource sectors are widely believed to cause depletion of the natural capital on which those sectors rely. But identification and data challenges have stymied attempts to empirically estimate the causal effect of subsidies on resource extraction. China's fishing fleet...

It is generally accepted that decentralized policy choice in the presence of interjurisdictional spillovers is inefficient. Strikingly, Ogawa and Wildasin (2009) find that in a model with heterogenous jurisdictions, interjurisdictional capital flows, and interjurisdictional environmental damage...

This study examines the effect of waste and recycling policy on scrap prices and the importance of scrap price feedbacks as a determinant of policy costs. Price effects and direct and indirect channels of waste reduction are decomposed for deposit/refund, advance disposal fee, and recycling...

Using detailed data on traffic speeds for 12 Los Angeles freeway routes from 2001 to 2006, we investigate aggregate behavioral response to gasoline prices. If traffic is free flowing, drivers should slow to more fuel-efficient speeds as the price of gasoline rises. However, we find little...