We consider a competitive extraction industry comprising many small firms, each with a slightly different quality of mineral holdings. With "rapidly" declining quality of holding per firm we observe rent declining over an interval. We then take up the familiar planning model and isolate the tax...

In this paper, we characterize a mechanism for reducing pollution emis sions in which countries, acting non-cooperatively, commit to match each others' abatement levels and may subsequently engage in emissions quota trading. The an alysis shows that the mechanism leads to efficient outcomes. The...