The paper develops a simple economic model of a biological invasion. The natural growth of the invasion is non-convex and the immediate cost of controlling the invasion depends on the level of current control as well as the current size of the invasion. Greater control raises control costs today...

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 studies the structure of state-contingent contracts in the presence of moral hazard and multi-tasking. Necessary and sufficient conditions for the presence of multi-tasking to lead to fixed payments instead of incentive schemes are identified. It is shown that the primary determinant...

This paper examines the impact of inequality in access to credit on efficiency in extraction from a common resource. A dynamic model is developed, where agents strategically choose the level of sunk capacity and the consequent extraction path. Sunk capacity is a function of cost of credit and...

This paper examines how certain new structural factors have contributed to the latest great financial crisis and world recession of 2008-09. We focus on three of these structural factors: (i) the incorporation of highly populated countries into the growth process; (ii) The increasing scarcity of...

Few studies investigate how environmental property right and production pollution distortions influence the economy when these two externalities co-exist. This case falls into a standard "second best theory". That is, it is important that pollution control policy should be coordinated with the...