The failures of traditional target-species management have led many to propose an ecosystem approach to fisheries to promote sustainability. The ecosystem approach is necessary, especially to account for fisheryï¾–ecosystem interactions, but by itself is not sufficient to address two...

This paper examines how the pollution generating technologies of firms affect the efficacy of tradeable emission permits. It is shown that the ability of firms to substitute among pollutants whenever markets are missing for a subset of pollutants is likely to prevent the dynamic efficiencies...