We study optimal fishery management in an age-structured, bio-economic model where two age classes can be harvested independently. We show that the optimal amount of catch differs with age classes, and we derive conditions under which it is optimal to harvest only one age class. Our main policy...

Efficiency and sustainability often clash if limited-tenure use rights for renewable natural resources are rented to private resource managers. We introduce a mechanism reconciling these two issues for a stochastically developing natural resource. The mechanism selects the most patient and,...

A number of recent papers extend traditional Hotelling frameworks by the topical issue of climate change. They study the effects of different environmental taxes on the resource extraction paths and derive important and far-reaching policy implications. In particular the most recent strain of...

This paper extends economic models of optimal resource extraction by integrating biodiversity indicators. So far, biodiversity was only implicitly treated in models of multiple renewable resources, or it was considered in terms of (genetic) diversity or species richness only, but not in terms of...