High transaction costs and thin participation plague water quality trading and prevent markets from delivering expected efficiency gains. Point sources generate a single pollutant, while nonpoint sources generate multiple, complementary pollutants. We develop a dynamic search model of...

We critically evaluate the empirical basis for the so-called resource curse and find that, despite the topic’s popularity in economics and political science research, this apparent paradox is a red herring. The most commonly used measure of ‘resource abundance’ can be more usefully...

We explore the relation between historical population density in former colonies and modern income distribution. A theoretical model highlights the potentially opposing effects of native population density on incentives for colonists to conquer or settle in new territories. While an abundant...

Energy efficiency is a key component of climate policy. We study micro and macro rebound effects after the introduction of energy-efficient biomass cookstoves (EEBCs). We develop a model of biomass supply and demand in rural Africa. The impact of EEBCs is empirically explored in Rwanda where we...