Exploration of an exhaustible resource with cost recovery under asymmetric information about cost is modeled and analyzed employing Principal-Agent theory. Allocation of lower than full information level of effort for the high-cost firms is found socially optimal. However, distortion is less in...

Profit-maximizing land developers are hypothesized to configure subdivisions to minimize the effects of a conservation regulation on developed land values, subject to their expectations about the demand for developed building lots. This hypothesis allows development of a hedonic price model that...

This paper examines the acquisition of wood stoves by New Hampshire households through use of a utility-maximizing discrete choice model. The analysis is based on the hypothesis that wood stoves are acquired to decrease the monetary costs of home-heating. Operating costs associated with heating...

Exploration of an exhaustible resource with cost recovery under asymmetric information about cost is modeled and analyzed employing Principal-Agent theory. Allocation of lower than full information level of effort for the high-cost firms is found socially optimal. However, distortion is less in...

This paper uses Nevada data to conduct regression analyses of the relationship between sage grouse (Centrocercus urophasianus) population sizes and potential causal factors. This is policy-relevant because of current petitions for listing this species under the Endangered Species Act. A key...

This paper assesses the potential for incomplete definitions of resource use to influence estimates of nonuser WTP, and whether uses underlying certain use values may escape measurement using standard mechanisms applied to distinguish resource users from nonusers. Empirical results are drawn...

Proposals for marginal cost water pricing have often been found to be politically infeasible because current users will have to pay a higher price even though future users will be better off. We show how efficiency pricing can be rendered Pareto-improving, and thus politically feasible, by...

Estimates of direct and indirect material and energy usage for New York State are derived from existing input-output and natural resource and energy databases. The work provides both a generally applicable methodology and an empirical example for estimating energy and material flow impacts at...

Legislation passed in 2002 enables managed harvesting and grazing of Conservation Reserve Program (CRP) land, including harvesting of biomass. The objective of the research is to determine the cost to acquire, harvest, store, and deliver a steady flow of biomass from CRP grasslands to a biorefinery.

The validity of the Hotelling's rule, the fundamental theorem of nonrenewable resource economics, is limited by its partial equilibrium nature. One symptom of this limitation may be the disagreement between the empirical evidence, showing stable or declining resource prices, and the rule,...