This paper examines the welfare implications of informative advertising in differentiated product oligopoly markets. The analysis reconciles the conflicting results in previous studies that find advertising to be undersupplied in homogeneous product markets, but oversupplied in differentiated...

Many attribute the rise in obesity since the early 1980's to the overconsumption of fast food. A dynamic model of a different-product industry equilibrium shows that a firm with market power will price below marginal cost in a steady-state equilibrium. A spatial hedonic pricing model is used to...

This paper develops a soil conservation model that is relevant to smallholder farmers who apply little or no fertilizer. Empirical results drawn from northern Tanzania imply that, ignoring fertility mining problem in model specification leads to overestimation of profits for farms that apply...

Issues related to the optimal preservation and management of renewable resources are considered. The impact of economic variables on optimal use is also analyzed. Empirical Analysis of Pastoral Migration Decisions: Gabra Herders in Northern Kenya, John McPeak, University of Wisconsin-Madison....