UHERO
James Roumasset
The Role of Impatience in Sustainable Growth
By Lee Endress, James Roumasset, and Christopher Wada Sustaining economic growth requires appropriate husbandry of our natural capital resources (e.g. fish, trees, freshwater, and coral). …
Intergenerational Equity with Individual Impatience in an OLG Model of Optimal and Sustainable Growth
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-…
Ronald Coase, 1910-2013
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 dynamic approach to PES pricing and finance of interlinked ecosystem services: Watershed conservation and groundwater management
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 dynamic approach to PES pricing and finance for interlinked ecosystem services: Watershed conservation and groundwater management
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…
Financing Watershed Conservation without Shrinking the Economy
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…
Financing Watershed Conservation
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…
Species Invasion as Catastrophe: The Case of the Brown Tree Snake
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…
The Economics of Groundwater
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…