We evaluate the impact of three auction mechanisms the BeckerDeGrootMarschak (BDM) mechanism, the second-price auction, and the random nth-price auction in the measurement of private willingness-to-pay and willingness-to-accept for a pure public good. Our results show that the endowment effect...

The 1980 Comprehensive Environmental Response, Compensation and Liability Act in the US has extended the tools of the Environmental Protection Agency to recover cleanup costs caused by pollution damages from the liable parties. In particular, the banks who finance the firms causing environmental...

This paper makes some steps toward a formal political economy of environmental policy. Economists' quasi-unanimous preferences for sophisticated incentive regulation is reconsidered. First, we recast the question of instrument choice in the general mechanism literature and provide an incomplete...

We show that the cost of sorting and the network effects jointly determine the rate of participation of consumers in the process of recycling. The dominant producer of virgin material takes into account the recycling activities when it makes its pricing decision. The network effects can create...

This paper considers the threat of stricter regulation as a policy instrument to enhance innovation into cleaner technology. It is argued that in some contexts the government would find it optimal to regulate with positive probability but not with certainty. In those contexts the optimal policy...

We propose a dynamic graph-theoretic model for ecosystem management as a control over networked system composed of target nodes and unmarked nodes. The network is represented by a complete graph, in which all vertices are connected by a unique edge. Target nodes are attracted by the objective...

We experimentally study behavior in a common property renewable resource extraction game with multiple equilibria. In the experiment, pairs of subjects competitively extract and consume a renewable resource in continuous time. We find that play evolves over time into multiple steady states, with...

After a merger, company officials face the challenge of making compensation schemes uniform and of redesigning teams with managers from companies with different incentives, work habits and recruiting methods. In this paper, we investigate the relationship between executive pay and performance...

After a merger, company officials face the challenge of making compensation schemes uniform and of redesigning teams with managers originating from companies with different incentives and working habits. In this paper, we offer a new way to investigate the relationship between executive pay and...

After presenting the history, the evolution and the content of innovation surveys, we discuss the characteristics of the data they contain and the challenge they pose to the analyst and the econometrician. We document the two uses that have been made of these data: the construction of...