We use a North-South model with property right differences and resource dynamics to study the effects of trade on resource use and welfare. Autarky is likely to Pareto-dominate free trade in the long run when the environment is quite fragile, and the result is reversed when the environment is...

Output in a Markov Nash-Cournot equilibrium to a noncooperative differential game in which m oligopolists extract a common property nonrenewable resource is bounded by the output of m-firm and (m - 1)-firm static oligopolies. The author discusses the welfare effects of the number of firms and of...

We study a model in which a customs union trades with countries that behaved strategically. If the members of the customs union are similar but not identical, one country will want to delegate authority for making union policy to its partner. Even if side-payments within the union are permitted,...

We analyse the interaction of asymmetric industries in international vertically related markets. Each downstream firm bargains efficiently with its domestic supplier in a first stage and with the foreign supplier in a second stage. The asymmetry in upstream costs leads to inter-industry trade....

The current price of a depletable resource depends on future demands and supplies, which affect how rapidly the resource is exhausted. Plans for future levels of demand and supply can therefore affect the current price. If agents have market power and can commit to future plans, then such plans...

We study the dynamics of optimal trade policy in a model with costly inter-sectoral adjustment of labour, where migrants pay less than the marginal social cost of migration. If workers have rational expectations, a future tariff has an announcement effect on the current migration decision. If...

After a brief period of liberal agricultural policies, Central and East European (CEE) countries have begun to rely increasingly on price subsidies and trade restrictions. We outline the situation of CEE agriculture and describe current policies. Scarce government funds could be better used to...

This paper offers the first economic analysis of wetlands mitigation banks. The banks are a new alternative for restoration of wetlands by developers before receiving regulatory approval for future development of wetlands in the same watershed. A stochastic optimal control model is developed...

We consider the problem of efficiency and existence of a competitive equilibrium in exhaustible resource markets where extraction costs are nonconvex. Nonconvexity is shown to imply that (1) (efficient) extraction ceases to the left of the minimum efficient scale, i.e., where average costs...