This paper studies determinants and effects of firms' participation in the 33/50 program, which is a voluntary pollution reduction (VPR) program initiated by government regulators. We examine a wide range of explanations for voluntary corporate environmentalism and find evidence in support of an...

This article constructs an economic model of government takings in which some property owners develop their land earlier than others. Because it is efficient for the government to "take" undeveloped land before developed land, uncompensated takings will give landowners an incentive to develop...