We review the economics perspective on sustainable resource use and sustainable development. Under standard conditions, dynamic efficiency leads to sustainability of renewable resources but not the other way around. For the economic‐ecological system as a whole, dynamic efficiency and...

We consider payment schemes in experiments that model infinite-horizon games by using random termination. We compare paying subjects cumulatively for all periods of the game; with paying subjects for the last period only; with paying for one of the periods, chosen randomly. Theoretically,...

Dynamic externalities are at the core of many long-term environmental problems, from species preservation to climate change mitigation. We use laboratory experiments to compare welfare outcomes and underlying behavior in games with dynamic externalities under two distinct settings:...

Dynamic externalities are at the core of many long-term environmental problems, from species preservation to climate change mitigation. We use laboratory experiments to compare welfare outcomes and underlying behavior in games with dynamic externalities under two distinct settings: traditionally...

Every political dispensation in recent decades has taken the view that the country has to be able to feed itself. For the country’s political leaders and the agriculture bureaucracy, this has meant that rice, the country’s staple food, has to be locally produced at quantity sufficient to...

Theoretical and empirical support for a more liberal trading environment has grown increasingly over the years. In the last decade, many countries have aggressively pursued unilateral trade liberalization. Based on decadal growth rates, globalizing developing countries has outpaced growth of...