The effect of short-term contracting on resource extraction is studied in a two-country model of international trade in oil. Countries' planners are fully rational, with perfect information and perfect foresight. Contracts are perfectly enforceable and complete, except that short-term contracts...

The authors propose an approach to Paretian jurisprudence which is intermediate in its distributive consequences between the perfectly risk-neutral, consumer surplus-maximizing approach of Richard Posner and the perfectly risk-averse, leximin approach of John Rawls. Instead of consumer surplus,...