We show that (i) subsidies for renewable energy policies with the intention of encouraging substitution away from fossil fuels may accentuate climate change damages by hastening fossil fuel extraction, and that (ii) the opposite result holds under some specified conditions. We focus on the case...

This paper proposes a welfare criterion that balances the need for development and the concern for the least advantaged generations, and explores its implications. This criterion, called the mixed Bentham-Rawls criterion, moderates the effect of discounting, yet permits some degree of...

Historically, all capture fisheries have proven hard to manage; internationally shared stocks face an additional impediment to effective management. Previous fisheries studies estimate gains from cooperation for particular species or locations, but evidence is lacking on the wider effect that...