The Institutional Analysis and Development (IAD) literature led by Elinor Ostrom concludes that Nash equilibrium predictions are empirically falsified in the social dilemmas found in community-level natural resource management problems. However, Nash equilibrium is not the only solution concept...

This study uses the methods of experimental economics to investigate possible reasons for the lack of empirical support for the Hotelling rule for nonrenewable resources. We argue that as long as resource stocks are large enough, producers may choose to (partially) ignore the dynamic component...

Every government that controls an exhaustible resource must decide whether to exploit it or to conserve and thereby let the subsequent government decide whether to exploit or conserve. This paper develops a theory of this situation and shows when a small probability that some future government...

This paper proposes that transboundary water governance needs to become an essential input to sustainable governance of protected natural reserves. The paper reviews the challenges and opportunities for such governance mechanisms, and identifies the factors behind successful practices....

Sellers display astounding differences in their cheating behavior, even in developing countries with weak enforcement of rules. Using the context of informal milk markets in India, we examine the role of reputation and norms of honesty as potential explanations. Our results show that individuals...