This article examines theory and evidence on party competition in the U.S. Congress in the allocation of members to committees. Parties allocate members to committees to maximize the joint utility of its members, taking into account how the committees' memberships affect the legislation adopted...

This paper derives the conditions under which property rights can arise in an anarchy equilibrium. The creation of property rights requires that players devote part of their endowment to the public good of property rights protection. In the Nash equilibrium, players contribute zero to the...

The market structure for many mineral industries can be described as oligopoly with potential for Stackelberg leadership. This paper derives and analyzes dynamically consistent extraction equilibria in a two-period discrete-time “Truly” Stackelberg (TS) model of non-renewable resource...

This paper reports the results of an experimental test of the Nash equilibrium prediction of voluntary provision of property rights in a contest under anarchy. Specically, the experiment investigates whether pre-commitment induces positive provision of property rights. As pre- dicted, zero...

This paper extends the standard travel cost method (TCM) to develop estimates of the economic value of recreational chinook salmon fishing on the Gulkana River, Alaska, under existing and hypothetical fishery management conditions. Respondents were asked to state how the number of trips that...

This paper develops a theory of [`]oil'igopoly exploration of an exhaustible resource. Strategic exploration and production are jointly derived in a three period subgame perfect equilibrium. While the [`]oil'igopoly theory of exploration shares many features with non-strategic models of...