In an overlapping generations setup we address the issue of the optimal number of property rights to allocate over a natural resource when the goal is to maximize the stock of the natural resource at the steady state. We assume that the effect of the property rights regime on the evolution of...

Very few studies have explored the optimality properties of the "standard model" of fertility where parents must determine their optimal trade-off between quality and quantity. The present paper works to fill that gap and find three main results. First, when there exist positive externalities in...

Members of a rock and roll band are endowed with different creativity. They match and eventually obtain credit for song writing as well as a share of the returns from sales. More creative members increase the probability of success but may also claim a larger share of the pie. In our theoretical...

One of the greatest success stories in our societies is that people are living longer, life expectancy at birth being now above 80 years. Whereas the lengthening of life opens huge opportunities for individuals if extra years are spent in prosperity and good health, it is however often regarded...