Research

Publications

1. How are Patent Decisions Affected by Environmental Regulation?. with Pak-Sing Choi, Ana Espinola-Arredondo, and Eugenio Diaz-Fariña. Energy Economics, 2025, 152, 108968. Working paper version here.
2. Climate Events and Adaptation: Effects on Environmental Policy and Abatement, with Ana Espinola-Arredondo and Franceska Tomori. Resource and Energy Economics, 2025, 83, 101537. Working paper version here.
3. Greener or Cheaper: Economies of Scope in Green R&D, with John C. Strandholm and Ana Espinola-Arredondo. Journal of Environmental Economics and Management, 2025, 130, 103107. Working paper version here.
4. Environmental Regulation under Sequential Competition, with Pak-Sing Choi and Ana Espinola-Arredondo. Journal of Economic Behavior and Organization, 2024, vol. 221, pp. 52-72. Working paper version here, and online appendix here.
5. Strategic Merger Approvals Under Incomplete Information, with Kiriti Kanjilal and Ana Espinola-Arredondo. Review of Industrial Organization, 2024, vol. 65, pp. 759-791. Working paper version here, and online appendix here.
6. When Should the Regulator Be Left Alone in the Commons? How Fishing Cooperatives Can Help Ameliorate Inefficiencies, with Juan Rosas-Munoz and Ana Espinola-Arredondo. Resource and Energy Economics, 2024, 77, 101434. Working paper version here.
7. Measuring regulatory errors from environmental policy uncertainty, with Ana Espinola-Arredondo and Dolores Garrido. Journal of Regulatory Economics. 2023, 64, pp. 48–65. Working paper version here.
8. Asymmetric regulators in polluting mixed oligopolies: Agency problems and second-mover advantage, with John C. Strandholm and Ana Espinola-Arredondo. Journal of Public Economic Theory. 2023, pp. 1–27. Working paper version here.
9. Being Green First: Simultaneous vs. Sequential Abatement Decisions, with John C. Strandholm and Ana Espinola-Arredondo. Economics Letters, 2023, 227, 111123. Working paper version here.
10. Can More Perishable Products Be Welfare Improving?, with Pak-Sing Choi. Economics Bulletin, 2023, vol. 43(2). Working paper version here.
11. Green Alliances: Are They Beneficial when Regulated Firms are Asymmetric?, with John C. Strandholm and Ana Espinola-Arredondo, Journal of Industry, Competition, and Trade, 2022, 22, pp. 145-178. Working paper version here.
12. Does the Presence of a Public Firm Facilitate Merger Approvals?, with Kiriti Kanjilal and Ana Espinola-Arredondo, Economics Letters. 2022, vol. 219. Working paper version here.
13. Environmental Policy Helping Antitrust Decisions: Socially excessive and insufficient merger approvals, with Pak-Sing Choi and Ana Espinola-Arredondo. Resource and Energy Economics, 2022, vol. 67, 101267. Working paper versions: two firms here and more than two firms here.
14. Pollution Abatement with Disruptive R&D Investment, with Ana Espinola-Arredondo and John C. Strandholm. Resource and Energy Economics. 2021, 66, 101258, Working paper version here.
15. Regulators and Environmental Groups: Better Together or Apart?, with Ana Espinola-Arredondo and Eleni Stathopoulou. Environment and Development Economics. 2021, vol. 27(1), pp. 40-66. Working paper version here.
16. Common Pool Resources with Endogenous Equity Shares, with Kiriti Kanjilal. Strategic Behavior and the Environment, 2021, vol. 9, pp. 103-143. Working paper version here.
17. Can Mandatory Certification Promote Greenwashing? A Signaling Approach, with Ana Espinola-Arredondo and Dolores Garrido. Journal of Public Economic Theory, 2020, vol. 22(6), pp. 1801-1851. Working paper version here.
18. Campaign Limits and Policy Convergence with Asymmetric Agents, with Eric Dunaway. Public Choice, 2020, vol. 184, pp. 429-461. Working paper version here, and appendix.
19. Endogenous Equity Shares in Cournot Competition: Welfare Analysis and Policy, with Kiriti Kanjilal. The B.E. Journal of Economic Analysis and Policy, 2020, 20(1). Working paper version here.
20. Organic Mergers and Acquisitions: When Are They Welfare Improving?, with Ana Espinola-Arredondo and AeRin Jung. Journal of Industry, Competition, and Trade, 2020, vol. 20, pp. 59-91. Working paper version here.
    
21. The Anticipatory Effects of Taxation in the Commons: When Do Taxes Work and When Do They Fail? with Ana Espinola-Arredondo and Isaac Duah. Ecological Economics, 2019, vol. 166, 106433. Working paper version here and appendix.
    
22. Transboundary Natural Resources, Externalities, and Firm Preferences for Regulation, with Sherzod Akhundjanov.  Environmental and Resource Economics, 2019, vol. 73(1), pp 333–352. Working paper version here and appendix.
23. International Coordination of Environmental Policies: Is it Always Worth the Effort?, with Ana Espinola-Arredondo and Jude Bayham. Environment and Development Economics, 2019, 24(3), pp. 294-316. Working paper version here.
    
24. Strategic Emission Fees: Using Green Technology to Deter Entry, with Ana Espinola-Arredondo and Boying Liu.  Journal of Industry, Competition, and Trade, 2019, 19, pp. 313-349. Working paper version here.
    
25. Conservation Procurement Auctions with Bidirectional Externalities, with Ana Espinola-Arredondo and Pak-Sing Choi. Journal of Environmental Economics and Management, 2018, 92, pp. 559-579. Working paper version here.
    
26. Explaining Hypothetical Bias Variations using Income Elasticity of Demand, with Tongzhe Li. Journal of Behavioral and Institutional Economics, 2018, 35(3), pp. 207-224. Working paper version here.
27. Regulation, Free-Riding Incentives, and Investment in R&D with Spillovers, with Ana Espinola-Arredondo and John Strandholm. Resource and Energy Economics, 2018, 53, pp. 133-146. Working paper version here.
    
28. Can Banning Spatial Price Discrimination Improve Social Welfare?, with Ziying Yang. Journal of Industry, Competition, and Trade, 2018, 18(2), pp. 223–243. Working paper version here.
29. Information Transmission During the Trial: The Role of Punitive Damages and Legal Costs, with Ana Espinola-Arredondo and Pitchayaporn Tantihkarnchana,  Journal of Public Economic Theory, 2018, 20(2), pp. 136-155. Working paper version here.
30. Non-profit Product Differentiation, with Robert Rosenman. Economics Bulletin, 2017, 37(3), pp. 1415-1420. Working paper version here.
31. Firm Preferences for Environmental Policy: Industry Uniform or Firm Specific?, with Sherzod Akhundjanov. Strategic Behavior and the Environment, 2016, 6(1-2), pp. 135-180. Working paper version here.
    
32. Can Polluting Firms Favor Regulation?, with Sherzod Akhundjanov. The B.E. Journal of Economic Analysis and Policy, 2016, 16(4), pp.1-23  Working paper version here, and appendix (currently unavailable online).
33. Profit-Enhancing Environmental Policy: Uninformed Regulation in an Entry-Deterrence Model, with Ana Espinola-Arredondo. Journal of Regulatory Economics, 2016, 50(2), pp. 146-163. Working paper version here.
    
34. An Excessive Development of Green Products?, with Ana Espinola-Arredondo. Economics of Governance, 2016, 17(2), pp. 101-129. Working paper version here.
    
35. Can Poorly Informed Regulators Hinder Competition?, with Ana Espinola-Arredondo. Environmental and Resource Economics, 2015, 61(3), pp. 433-461. Working paper version here.
    
36. Why do Firms Oppose Entry-Deterring Policies? Environmental Regulation and Entry Deterrence, with Ana Espinola-Arredondo. Environment and Development Economics, 2015, 20(2), pp. 141-160. Working paper version here.
    
37. Cooperation and Signaling with Uncertain Social Preferences, with John Duffy. Theory and Decision, 2015, 78(1), pp. 45-75. Working paper version here.
    
38. The Signaling Role of Subsidies, with Ana Espinola-Arredondo. The B.E. Journal of Economic Analysis and Policy, 2015, 15(1), pp. 157-178. Working paper version here.
    
39. The Entry-Deterring Effects of Inflexible Regulation, with Ana Espinola-Arredondo and Jude Bayham. Canadian Journal of Economics, 2014, 47(1), pp. 298-324. Working paper version here.
    
40. Asymmetric Information may Protect the Commons: The Welfare Benefits of Uninformed Regulators, with Ana Espinola-Arredondo. Economics Letters, 2013, 121(3), pp. 463-67. Working paper version here.
    
41. Capacity Constrained Firms and Expansion Subsidies: Should Governments Avoid Generous Subsidies?, with Gulia Zaynutdinova. Journal of Industry, Competition and Trade, 2013, 13(4), pp. 563-97. Working paper version here.
    
42. Don’t Forget to Protect Abundant Resources, with Ana Espinola-Arredondo. Strategic Behavior and the Environment, 2013, 3(4), pp. 251-278. Working paper version here.
    
43. When does Environmental Regulation Facilitate Entry-Deterring Practices?, with Ana Espinola-Arredondo.  Journal of Environmental Economics and Management, 2013, 65(1), pp. 133-152. Working paper version here.
44. Uncovering Entry Deterrence in the Presence of Learning-by-Doing, with Ana Espinola-Arredondo. Journal of Industry, Competition and Trade, 2013, 13(3), pp. 319-338. Working paper version here.
    
45. When do Firms Support Environmental Agreements?, with Ana Espinola-Arredondo. Journal of Regulatory Economics, 2012, 41(3), pp. 380-401. Working paper version here.
    
46. Patience or Fairness? Analyzing Social preferences in Repeated Games, with John Duffy. Games, 2012, 3, pp. 56-77. Working paper version here.
    
47. When Should a Firm Expand its Business? The Signaling Implications of Business Expansion, with Esther Gal-Or and  Ana Espinola-Arredondo. International Journal of Industrial Organization, 2011, 29, pp. 729-745. Working paper version here.
    
48. Can Incomplete Information lead to Under-Exploitation in the Commons? with  Ana Espinola-Arredondo. Journal of Environmental Economics and Management, 2011, 62, pp. 402-413. Working paper version here.
    
49. Risk Aversion in Auctions with Asymmetrically Informed Bidders: a “Desensitizer” from Uncertainty, with Sandra Orozco-Aleman. Economics Letters, 2011, 112, pp. 38-41. Working paper version here.
50. Competition for Status Acquisition in Public Good Games, Oxford Economic Papers, 2011, pp. 1-19. Working paper version here and online appendix.
51. Free-Riding in International Environmental Agreements: A Signaling Approach to Non-Enforceable Treaties, with Ana Espinola-Arredondo, Journal of Theoretical Politics, 2011, 23(1), pp. 111-134. Working paper version here.
    

Other (peer-reviewed) Publications

1. Demand-driven Mergers: Advertising, Differentiation, and Welfare, with Kiriti Kanjilal and Ana Espinola-Arredondo. Managerial and Decision Economics, 2026, https://doi.org/10.1002/mde.70139
2. HHI-based Guidelines and Inefficient Merger Approvals, with Eric Dunaway and Ana Espinola-Arredondo. Journal of Industry, Competition and Trade, 26(4), https://doi.org/10.1007/s10842-02.
   • Featured in ProMarket’s newsletter: “The Shortcomings of Merger Policy Based on the Herfindahl-Hirschman Index,” George J. Stigler Center for the Study of the Economy and the State, University of Chicago, Booth School of Business, April 1, 2026.
3. Firm Preferences for Environmental Regulation, with Sherzod Akhundjanov, Review of Environment, Energy and Economics. November 2014.
4. A Systematic Presentation of Equilibrium Bidding Strategies to Undergraduate Students, Journal of Economics and Economic Education Research. 2014, 15(2), pp. 109-120. (Working paper version currently unavailable online.)
5. The Entry-Deterring Effects of Environmental Policy, with Ana Espinola-Arredondo, Review of Environment, Energy and Economics, January 2013.
6. A Systematic Procedure for Finding Perfect Bayesian Equilibria in Incomplete Information Games. The B.E. Journal of Industrial Organization Education, vol. 6(1), Article 8, 2012. (Working paper version currently unavailable online.)
7. The Intuitive and Divinity Criterion: Interpretation and Step-by-Step Examples, with Ana Espinola-Arredondo. The B.E. Journal of Industrial Organization Education,   vol. 5(1), Article 7, 2010. (Working paper version currently unavailable online.)
8. Last-Chance Sales: What Makes them Credible?, with Heriberto Gonzalez. Ensayos Revista de Economia, vol. 28(1), 2009.

Books

1. Game Theory: A Short Introduction, LNEP book series, World Scientific Publishers, December 2026 (expected).
2. Contract Theory: A Short Introduction, with Pak-Sing Choi and Ana Espinola-Arredondo. Palgrave-Macmillan Publishers, November 2026 (expected).
3. Solutions Manual to accompany “Contract Theory: A Short Introduction”, with Pak-Sing Choi and Ana Espinola-Arredondo. Palgrave-Macmillan Publishers, November 2026 (expected).
4. Game Theory: An Introduction with Step-by-Step Examples, with Ana Espinola-Arredondo. Palgrave-Macmillan Publishers, December 2023.
5. Solutions Manual to accompany “Game Theory: An Introduction with Step-by-Step Examples”, with Pak-Sing Choi and Ana Espinola-Arredondo. Palgrave-Macmillan Publishers, December 2023.
6. Common Pool Resources: Strategic Behavior, Inefficiencies, and Incomplete Information, with Ana Espinola-Arredondo. Cambridge University Press, October 2021.
7. Solutions Manual to accompany “Common Pool Resources: Strategic Behavior, Inefficiencies, and Incomplete Information,” with  Ana Espinola-Arredondo. Cambridge University Press, October 2021.
8. Auction Theory: Introductory Exercises with Answer Keys, with Pak-Sing Choi. Springer-Nature, May 2021.
9. Industrial Organization: Practice Exercises with Answer Keys, with Pak-Sing Choi and Eric Dunaway. Springer-Nature, January 2021. Second Edition, November 2023.
10. Intermediate Microeconomic Theory: Tools and Step-by-Step Examples, with Ana Espinola-Arredondo, The MIT Press, October 2020.
11. Practice Exercises for “Intermediate Microeconomic Theory”, with Eric Dunaway, John Strandholm, and Ana Espinola-Arredondo, The MIT Press, October 2020.
12. Solutions Manual to accompany “Intermediate Microeconomic Theory: Tools and Step-by-Step Examples”, with Eric Dunaway, John Strandholm, and Ana Espinola-Arredondo, The MIT Press, October 2020.
13. Advanced Microeconomic Theory: An Intuitive Approach with Examples, Felix Munoz-Garcia, The MIT Press, August 2017. New reprint, February 2023.
14. Practice Exercises for “Advanced Microeconomic Theory”, Felix Munoz-Garcia, The MIT Press, August 2017.
15. Solutions Manual to accompany “Advanced Microeconomic Theory: An Intuitive Approach with Examples” (only available to instructors), Felix Munoz-Garcia, The MIT Press, August 2017.
16. Strategy and Game Theory – Practice Exercises with Answers, with Daniel Toro-Gonzalez, Springer-Nature. First edition, August 2016; Second edition, June 2019. New reprint, December 2020.
17. Game Theory Applications to Environmental Economics, with Ana Espinola-Arredondo (editors), World Scientific Publishers, October 2016.

Book Chapters

• “Green Innovation and Industrial Organization” with Ana Espinola-Arredondo and Joanna Poyago-Theotoky, in Green Innovation and Industrial Organization, World Scientific-Economic Growth Centre, Contemporary Series in Modern Economy, Joanna Poyago-Theotoky (ed.), World Scientific Publishers, 2026.
• “Common Pool Resources,” with Ana Espinola-Arredondo, Encyclopedia of Energy Economics, Angeliki N. Menegaki (ed.), Edward Elgar Publishers, 2025.
• “The Role of Information in the Tragedy of the Commons,” with Ana Espinola-Arredondo, in Analyzing Global Environmental Issues: Theoretical and Experimental Applications and their Policy Implications, February 2013. Ariel Dinar and Amnon Rapoport, eds., Routledge Publishing.
• “Environmental Negotiations under Uncertainty,” with Ana Espinola-Arredondo, in Analyzing Global Environmental Issues: Theoretical and Experimental Applications and their Policy Implications, February 2013. Ariel Dinar and Amnon Rapoport, eds., Routledge Publishing.

Working Papers

• Environmental Regulation: A Novel Booster of Competition Policy?, with Ana Espinola-Arredondo.
• Greener Merger Guidelines: When Do They Matter?, with Kiriti Kanjilal and Ana Espinola-Arredondo.
• Abatement Capacity and Usage Decisions,” with John C. Strandholm and Ana Espinola-Arredondo.
• Abatement Thresholds: How Merger Prospects Affect Green Investments, with Ana Espinola-Arredondo and Luis Gautier. Slides WCERE and discussion.
• Signaling under Bilateral Uncertainty: Do Green Consumers Lead to More Greenwashing?, with Ana Espinola-Arredondo and Dolores Garrido.
• Nonlinear Pricing with Costly Information Acquisition, with Brett Devine.

Coauthors and former PhD students

• Sherzod Akhundjanov, Associate Professor, Utah State University (former WSU student, PhD 2016)
• Yazeed Aldhafian, Assistant Professor, King Saud University, Saudi Arabia (former WSU student, PhD 2024)
• Abdullah Almeer, Assistant Professor, KFUPM Business School, Saudi Arabia (former WSU MS student, 2017)
• Jude Bayham, Associate Professor, Colorado State University (former WSU student, PhD 2013)
• Yenjae Chang, Assistant Professor, Department of Economics, Soongsil University, South Korea (former WSU student, PhD 2021)
• Yongwon Cho, Research Fellow, Korea Institute for Industrial Economics and Trade, Seoul (former WSU student, PhD 2013)
• Pak-Sing Choi, Associate Professor, National Central University, Taiwan (former WSU student, PhD 2018)
• Brett Devine, Data Scientist II, Western Governors University (former WSU student, PhD 2018)
• Eugenio Diaz-Farina, Assistant Professor, Universidad de Las Palmas de Gran Canaria, Spain (former visiting PhD student at WSU)
• Isaac Duah, Principal Policy Analyst, Exelon (former WSU PhD student)
• John Duffy, Professor, University of California, Irvine
• Eric Dunaway, Associate Professor of Economics, Wabash College (former WSU student, PhD 2018)
• Ana Espinola-Arredondo, Professor, Washington State University
• Esther Gal-Or, Glenn Stinson Chair in Competitiveness and Professor of Marketing, University of Pittsburgh (Katz Graduate School of Business)
• Dolores Garrido, Assistant Professor of Economics, Union College (former WSU student, PhD 2020)
• Luis Gautier, Associate Professor, University of Malaga, Spain
• Heriberto Gonzalez Lozano, Clinical Associate Professor, Mississippi State University
• Luis M. Granero, Associate Professor (Profesor Titular), Universidad de Valencia, Spain
• Ae Rin Jung, Yongin Research Institute, Korea (former WSU PhD student)
• Kiriti Kanjilal, Assistant Professor, IIIT Delhi, India (former WSU student, PhD 2018)
• Varsha Kumari, Washington State University (PhD 2027 expected)
• Jukwan Lee, Korea Institute for International Economic Policy (KIEP), Seoul (former WSU PhD student, PhD 2019). Currently Director of APEC studies at KIEP.
• Tongzhe Li, Professor and Arrell Family Chair in Behavioural and Experimental Economics, University of Guelph (former WSU student, PhD 2015)
• Boying Liu, JPMorgan Chase (former WSU PhD student)
• Austin Miller, Senior Economist, Internal Revenue Service (former WSU student, PhD 2018)
• Joseph Navelski, Senior Quantitative Analyst, Federal Reserve Bank of Richmond (former WSU student, PhD 2023)
• Sandra Orozco-Aleman, Professor, Mississippi State University
• Chelsea Pardini, Economic Fellow, Institute for Policy Integrity (NYU School of Law) (former WSU student, PhD 2021). Now US Department of Commerce.
• Joanna Poyago-Theotoky, Professor of Economics, University of Salento, Italy
• Juan Rosas-Munoz, Associate Professor, Universidad de Concepción, Chile (former visiting PhD student at WSU)
• Robert Rosenman, Emeritus Professor, Washington State University
• Eleni Stathopoulou, Lecturer in Economics, University of Sheffield, UK
• John C. Strandholm, Associate Professor of Economics and William S. Moore Palmetto Professor, University of South Carolina Upstate (former WSU student, PhD 2017)
• Xinlong Tan, Chief Data Officer, Bayes Data Intelligence Technology Service Inc., China (former WSU student, PhD 2018)
• Pitchayaporn Tantihkarnchana, Collegiate Assistant Professor, Virginia Tech (former WSU PhD student)
• Franceska Tomori, Assistant Professor, Universidad Complutense de Madrid, Spain (former visiting PhD student at WSU)
• Daniel Toro-González, Full Professor, Department of Economics, University of La Verne, California (former WSU student, PhD 2012)
• Ziying Yang, Associate Professor, Southwestern University of Finance and Economics, China (former WSU student, PhD 2017)
• Kiana Yektansani, Clinical Assistant Professor and Director of the MA Program in Economics, University of Illinois at Chicago (former WSU student, PhD 2020). Now Assistant Teaching Professor of Economics and Director of Online Learning, Rice University, Houston.
• Gulnara R. Zaynutdinova, Associate Professor of Finance, West Virginia University (former WSU PhD student)

• KFUPM: Abatement thresholds, Greener or Cheaper?, and MAE program. AERNA.
• Saudi Economic Association.
• King Saud University.