The paper is an exercise in a normative economic analysis of product liability. After a short historical introduction, we take two of the basic premises of Austrian economic thought and see which system of product liability results. If costs are subjective and entrepreneurship is the essence of...

Joint Implementation (JI) calls for cooperation between industrialized and developing countries in the mitigation of greenhouse gas (GHG) emissions. However, a major concern of potential host countries is that, if they utilize their low-cost options for JI now, they will be left with only high...

Open access resources are frequently not managed efficiently, resulting in falling stock levels and a declining income for fishermen. In the late 1970's, the policy response to this problem was the implementation of 200-mile fishing zones, which enabled the European Union to formulate and...

Whales have private and public good characteristics. A dynamic model, developed to capture the complexities of managing such a resource, yields optimal steady-state estimates suggesting that the current stock of minke whales in the Northeast Atlantic is below the steady-state optimum. The...

In this paper we propose a structural equation model (SEM) with latent variables to model spatial dependence. Rather than using the spatial weights matrix <?tf=“t005”>W, we propose to use latent variables to represent spatial dependence and spillover effects, of which the observed spatially lagged...</?tf=“t005”>

Several major changes in educational policies have occurred in Spain over the last four decades. One of these is the re-organization of the educational system beginning in 1970. A policy to encourage the regional spread of universities was pursued over the seventies and eighties. There has also...

The literature on the effects of environmental policy on the location behaviour of firms has so far failed to draw any firm conclusions. Different studies have shown that the effects may be zero, negative or positive. They always tend to be small. This paper argues that methodological issues...