Taking advantage of randomly-assigned federal mineral rights, the first essay establishes the discount that mineral developers place on oil and gas leases with divided ownership. This discount is interpreted as an expectation of reduced profits as a result of transaction costs incurred in...

The formation of harvest cooperatives has recently generated considerable interest among fishermen and regulators as an alternative to other rights-based systems such as individual transferable quotas. Many consider the promotion of self-governance to be essential to more sustainable, equitable...

Random utility models rely on the properties of the logistic distribution for ease of estimation, but this distribution implies the independence of irrelevant alternatives (IIA). The random parameters logit model offers a means of avoiding the IIA assumption as well as greater heterogeneity...