Countries often have private information about their willingness to pay for protecting the climate system and their cost of emission reductions. We use a principal-agent model to re-examine the economic case for unilateral action by individual countries, in our case of the principal. We find...

We consider contracting of a principal with an agent if multilateral externalities are present. The motivating example is that of an international climate agreement given private information about the willingness-to-pay (WTP) for emissions abatement. Due to multilateral externalities the...

This paper introduces a solution for the fair division of common property resources in production economies with multiple inputs and outputs. It is derived from complementing the Walrasian solution by welfare bounds, whose ethical justification rests on commonality of ownership. We then apply...

Questions of international distributive justice are certainly not new. We need only think of the demand made by the developing countries in the 1970s for a New World Economic Order, which aimed at a more equitable distribution of the benefits derived from the international division of labor....

Fragen der internationalen Verteilungsgerechtigkeit sind beileibe nicht neu. Man denke nur an die Forderung der Entwicklungsländer aus den siebziger Jahren nach einer Neuen Weltwirtschaftsordnung, die auf eine gerechtere Verteilung der Vorteile aus der internationalen Arbeitsteilung abzielte....