The Tax Reform Act of 1986 significantly changed incentives for investing. This analysis specifically examines how changes in marginal tax rates, depreciation schedules, and the investment tax credit altered the cost of capital and net investment in agriculture. A stochastic coefficients...

This paper investigates private responses and ecological impacts of policies proposed to confront the problem of brucellosis being spread from elk to cattle in Wyoming. The policies consist of combinations of changes in elk feeding and population levels. Farmers' responses to these dynamics are...

Most economic studies of pollution control analyze policies that are optimal for a given set of underlying parameters. Less understood is how such policies perform when the underlying parameters change and policies are not adjusted in response, or what the benefits of adjustment are. We...

Conventional wisdom implies that high discount rates accelerate depletion of tropical forests. As shown in this article, this result does not necessarily hold in a two-state variable model that distinguishes between primary and secondary forest stocks. In the context of a fixed concession period...