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This paper empirically estimates the credibility of the African National Congress's recent threat to nationalize South African mineral assets. While South Africa's financial press argued that the threat was negatively affecting mineral investment and asset values, mining industry executives were...
In recent years bacteria have become increasingly resistant to antibiotics, leading to a decline in the effectiveness of antibiotics in treating infectious disease. This paper uses a framework based on an epidemiological model of infection in which antibiotic effectiveness is treated as a...
It is proposed that a new type of property right termed a “Common Pool Equity” can solve the common pool resource problem. This equity may be presented to any firm that extracts from the resource for a share in profits. It is shown that a profit arbitrage condition ensures that the market and...
Spent nuclear fuel shipments have raised concerns that property values along the shipment route will be reduced due to the real or perceived risks from the shipments. While prior research has identified property value losses associated with proximity to certain environmental disamenities,...
An optimal control model of wildlife management is developed to analyze the transitory dynamics set forth by the reintroduction of animals that provide benefits but can also come into conflict with humans. The shadow price of these resources can be positive or negative, potentially creating a...
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