The concept of ecosystem services has become increasingly influential in conservation policy, uniting natural and social scientists in efforts to develop values for environmental benefits consistent with underlying ecological and social processes. Understanding the consequences for ecosystem...

This paper traces the history of the "Value of Statistical Life" (VSL), which today is used routinely in benefit-cost analysis of life-saving investments. The "value of statistical life" terminology was introduced by Thomas Schelling (1968) in his essay, "The Life You Save May Be Your Own."...

The economics of fiscal federalism has identified two book-end departures from first-best provision of a public good. Local governments may respond to local conditions, but ignore inter-jurisdictional spillovers. Alternatively, central governments may internalize spillovers, but impose uniform...