We show that Stiglitz's (1974) principal-agency theory of share tenancy does not imply, as alleged, that the optimal tenant share is less than one for risk-averse tenants nor that the share decreases monotonically with tenant risk aversion. Tenants may self insure by working harder increasingly...

We argue that intergenerational neutrality has been prematurely excluded from the dialogue on sustainable growth. By incorporating Burton’s distinction between intragenerational and intergenerational discounting into a model suitable for analyzing sustainability issues, we are able to...

Sustainability science emerged from the felt need to employ appropriate science and technology in the pursuit of sustainable development. The existing sustainability science agenda emphasizes the importance of using a systems approach, stressing the many interactions between natural and human...

Although the economics of groundwater management is typically modelled as a single aquifer serving a single group of consumers, resource managers must often decide how to manage multiple aquifers simultaneously. We propose a temporal and spatial model to determine the efficient allocation of...

Agricultural development thinking has gone through several stages of fad and fancy, often without an understanding of previous fallacies. Its current doldrums are unfortunate given the unrivaled importance of agricultural development for poverty reduction in most development countries. After...

A central pillar of the sustainability movement is the call to include environmental accounting in standard measures of economic performance. This increased transparency would, in principle, mitigate the temptation of economic managers and policy makers to increase growth in material consumption...

The standard view that the absence of property rights is inefficient contradicts the Coasean proposition that the relative efficiency of different institutions depends on their ability to economize on transaction costs. Moreover, the comparative theory of open access and private property...

What is the role of resource management in sustaining competitiveness for island economies such as the Republic of the Philippines and Hawaii? We review the history of thought on sustainable resource management and sustainable development and then turn to the threats to sustainability from the...

This paper derives the efficiency price patterns for a comprehensive spatial and dynamic model of conjunctive water use incorporating conveyance losses, canal return flows, and groundwater recharge. The first-best shadow price of surface water is composed of a charge for water that flows into...

This paper develops a hydrologic-ecologic-economic model of groundwater use. Particularly, we model coastal groundwater management and its effects on submarine groundwater discharge, nearshore marine water quality, and marine biota. We show that incorporating the external effects on nearshore...