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The paper is concerned with the case whereby the distribution of a firm's productivity shocks changes without the knowledge of the firm. Over time the firm learns about the nature and extent of the change in the distribution of the shock and adjusts, incurring adjustment costs in the process. The...
When information about soil quality is complete, wetland creation with a take-it-or-leave-it contract, which specifies wetland size and transfer, yields higher social benefits than if a uniform contract, which offers a payment proportional to the wetland size, had been used. This result points to...