Since only the residents of a single jurisdiction are affected by local consumption externalities, local regulation might be expected to be inefficient. Yet when production has increasing returns to scale, one jurisdiction's choice of regulatory standard affects the prices and availability of...

The consequences of commitment failure have been missing from debates about the decentralized regulation of automobile emissions and other sources of local consumption externalities. Even when the direct effects of such products are limited to a single jurisdiction, the presence of increasing...

Experimental choices between delayed rewards are claimed to provide support for a model of preferences referred to variously as "quasi-hyperbolic," "hyperbolic," and "‚-‰." This paper shows that the experimental results do not differentiate quasi-hyperbolic discounting from exponential...

William Baumol and William Bowen's work on the economics of the arts in the 1960's laid the foundation for a new field and provided arguments for public support. This paper discusses influences on their work, the nature of their analysis, and their impact on the development of the economics of...