There has been a world-wide increase in the popularity of national parks and other public land for recreational activities. Increased use can lead to an increase in crowding and a degradation of these resources. This project uses economic theory to analyse these issues. Economic models of recreational use of public land are developed, and are used to analyse the relative efficiency of various policy regimes and management structures.

Can Esteem be relied upon to internalise Pareto irrelevant externalities?

Extremal expectations are subjective expectations that can be derived by allowing objective probability measures to be modified stochastically to form subjective measures. Investors rationally revise their original expectations prior to trading based on their buy-sell decisions i.e. investors maximize their expected utilities by adopting immediacy-based extreme-valued posterior subjective probabilities conditonal on their prior objective probability measures and buy-sell decisions.

This area includes studies of exchange rates and interest rates in the context of increasing capital market integration. The departure is the implications for regional populations. This links international financial events to domestic ones capital market, to the mobility of labour and immigration and the effects on the pattern of growth and income distribution. The causality issue is central to an understanding of the link between international finance and the welfare of regional populations.

This research involves modelling household's expectations about prices, incomes, family composition and size in order to model their consumption behaviour overtime. Once developed the model can be used to examine and determine: the optimal taxation of the household sector, the lifetime cost of children and intertemporal equivalence scales, intertemporal cost of living indices, and lifetime welfare and inequality.