An important human welfare implication of climate involves effects of interannual variation in temperature and precipitation on agriculture. Year-to-year variations in U.S. climate result from El Niño-Southern Oscillation (ENSO), a quasi-periodic redistribution of heat and momentum in the...

This paper analyzes the effect of alternative institutional arrangements on the conservation of endangered species and economic activity on private land. Because a landowner does not capture the full value of species conservation, her preferences on land use will not coincide with social...