Among the ethical objections to intergenerational impartiality is the violation of consumer sovereignty given that individuals are impatient. We accommodate that concern by distinguishing intra-
By Jim Roumasset Nobel Laureate Ronald Coase passed away unexpectedly on September 2. Despite his age, Professor Coase was planning a trip to China, following
A theory of payment for ecosystem services (PES) pricing consistent with dynamic efficiency and sustainable income requires optimized shadow prices. Since ecosystem services are generally
A theory of payment for ecosystem services (PES) pricing consistent with dynamic efficiency and sustainable income requires optimized shadow prices. Since ecosystem services are generally interdependent, this
In his recent State-of-the-State address, Governor Abercrombie urged lawmakers to consider either an increase in the conveyance tax on high-priced real estate transactions or a
In November 2011, Governor Abercrombie and State officials launched a watershed protection plan entitled, “The Rain Follows the Forest”. The initiative’s goal is to double the
This paper develops a two-stage model for the optimal management of a potential invasive species. The arrival of an invasive species is modeled as an
We provide synthesis of the economics of groundwater with a focus on optimal management and the Pearce equation for renewable resources. General management principles developed through
We provide conditions for optimal use of multiple sources of a renewable resource and characterize the resulting extraction sequence, resource scarcity values, and (single) efficiency