We propose that international climate change policy would be strengthened by the development and adoption of targets for atmospheric concentrations of greenhouse gases 25-50 years in the future in addition to near- and long-term targets. 'Interim concentration targets', which could be...

We characterize environmental quality as a stock, and its rate of deterioration as a flow. We consider a class of problems, which we call “SFQ” problems, in which both stocks and flows can be controlled to promote the quality of a resource stock. Abatement (curbing the flow) and restoration...

Conventional hedonic techniques for estimating the value of local amenities rely on the assumption that households move freely among locations. We show that when moving is costly, the variation in housing prices and wages across locations may no longer reflect the value of differences in local...