Although much attention is paid to the Caspian region with regard to energy issues, the domestic consequences of the region's resource production have so far constituted a neglected field of research. A systematic survey of the latest research trends in the economic and political causalities of...

An integrated ecological-economic decision-making approach is developed to help local stakeholders decide on land use in rural areas where the conflict between natural resource protection and economic development is pressing. It consists of four methodological steps. In the first step the...

In this paper we investigate how heterogeneous agents choose among tournaments with different prizes. We show that if the number of agents is sufficiently small, multiple equilibria can arise. Depending on how the prize money is split over the tournaments, these may include, for example, a...

We couple a one-dimensional energy balance climate model with heat transportation across latitudes, with an economic growth model. We derive temperature and damage distributions across locations and optimal taxes on fossil fuels which, in contrast to zero-dimensional Integrated Assessment...

This article introduces a social planner version of a model central to the New Economic Geography for explicitly answering whether the symmetric equilibrium outcome of the decentralized market economy is socially desirable. We find that savings incentives are too weak, resulting in an...

We develop a theoretical model of the dynamics of an industry over the business cycle. In the economy, both aggregate demand and the productivity of a firm's technology evolve stochastically. Each period, firms must choose whether to produce or to exit and attempt to sell off their resources to...

Public goods are dealt with in two literatures that neglect each other. Mechanism design advises a social planner that expects individuals to misrepresent their valuations. Experiments study the provision of the good when preferences might be non-standard. We introduce the problem of the...

There is a new and now large literature analyzing government policies for financial stability based on models with endogenous borrowing constraints. These normative analyses build upon the concept of constrained efficient allocation, where the social planner is constrained by the same borrowing...

We focus on the estimation of market entry costs that are declining over time and evaluate their impact on competition and market performance. We employ a dynamic oligopoly model in which firms make entry, exit, and production decisions in the presence of declining entry costs and learning by...

Externalities and social preferences, such as patience and altruism, play a key role in the endogenous choice of social interactions, which in turn affect the diffusion of a pandemic or patterns of social segregation. We build a dynamic model, augmented with an SIR block, in which agents...