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Stephen Salant

Research Professor

2200 Symons Hall 7998 Regents Drive College Park, Maryland 20742-5535


  • Resource Economics
  • Environmental Regulation and Climate Change
  • Industrial Organization



Professor Salant is an applied microtheorist with specialization in the fields of industrial organization and natural resource economics. Among the subjects he has addressed in his research are: the appropriate interpretation of government statistics on the duration of unemployment, the effects of anticipated and actual government policies on the price of gold, the cause of speculative attacks on government bufferstocks, the future behavior of OPEC, the design of a self-enforcing international agreements among oil-consuming nations, the effects of treble-damage penalties on price-fixing behavior, and the economic decisions of organizations (agricultural marketing boards, cartels, international commodity organizations, prorationing boards, etc.) which select quantity restrictions by voting processes.


1973, Ph.D., Economics, University of Pennsylvania 
1967, B.A., Mathematics, Columbia University


Areas of Interests:

  • Resource Economics
  • Environmental Regulation and Climate Change
  • Industrial Organization


Selected Publications:

"Should Congestion Tolls Be Set by the Government or by the Private Sector? The Knight-Pigou Debate Revisited" (with Nathan Seegert), Economica (2018).

"Hotelling under Pressure" (with Soren Anderson and Ryan Kellogg), Journal of Political Economy (June 2018).

"Modelling Nonrenewable Resources Use with Multiple Demands and Multiple Sources" (with Gerard Gaudet), Environmental and Resource Economics (2018).

"Balancing the Carbon Budget for Oil: the Distributive Effects of Alternative Policies'' (with Carolyn Fischer), European Economic Review, Vol 99(C), 2017

"What Private Tolling Gets Wrong for America's Roads" (with Nathan Seegert), Resources(Issue 194), Spring 2017.

"What Ails the European Union's Emissions Trading System?," Journal of Environmental Economics and Management, November 2016.

"The Effects of Stochastic Oscillations in Property Rights Regimes on Forest Output in China" (with Xueying Yu), Journal of Environmental Economics and Management, July 2016.

"The Strategic Use of Early Bird Discounts for Dealers" (with Desmond Lo), Quantitative Marketing and Economics, June 2016.

"Markets with Untraceable Goods of Unknown Quality: Beyond the Small Country Case" (with Tim McQuade and Jason Winfree), Journal of International Economics, May 2016.

"Dynamics of Pollution Permits" (with Makoto Hasegawa) Annual Review of Resource Economics, volume 7, November, 2015.