We study the importance of anticipated learning - about both environmental damages and abatement costs - in determining the level and the method of controlling greenhouse gas emissions. We also compare active learning, passive learning, and parameter uncertainty without learning. Current beliefs...

Most environmentalists favor the reduction in CO2 emissions but oppose international trade in emissions permits. Although economic theory provides a strong case in favor of trade in permits, there is little empirical evidence of the size of potential benefits. We estimate a structural model of...

Under asymmetric information between firms and a regulator, intertemporal trade of pollution permits can increase welfare relative to both emissions taxes and cap and trade (quotas). In the subgame perfect equilibrium, banking and borrowing dominates taxes and quotas for a large region of...

Government intervention in agricultural sectors in both developed and developing countries has resulted in huge distortions in international markets. We describe the types of policies used in the agricultural sector and summarize quantitative measures that suggest their importance. Agricultural...

A semi-parametric, information-based estimator is used to estimate strategies in prices and advertising for Coca-Cola and Pepsi-Cola. Separate strategies for each firm are estimated with and without restrictions from game theory. These information/entropy estimators are consistent, are...

We model a fishery with potential congestion; fishers obtain both public and private signals about the location where the fish stock is densest. We extend the literature by including both a larger parameter region and correlation between public and private signals. We analytically determine the...

A large body of literature shows that a decrease in the friction facing mobile factors (e.g., their adjustment costs) tends to increase certain coordination problems, leading to more circumstances where there are multiple equilibria. We show that a decrease in friction can decrease coordination...