Historically, common property is one of the dominant forms of ownership through which natural resources—e.g., forests, pastures, and fisheries—are managed. However, their decline across societies due to marketization and privatization has prompted intense debates. This Article seeks to...

The inefficiencies of common property fisheries are well-known to economists. To avoid over-exploitation, they propose multiple forms of government solutions like taxes, quotas and the enforcement of property rights regimes designed to avoid over-harvesting. However, can there be efficient...

In commercial fisheries, the fishing decisions of a vessel are never really independent of the other vessels' decisions. Congestive externalities on fishing sites impact a vessel's behavior and create additional operation costs, while short-term stock effects, whereby fish stocks are locally...

We build on the work of Brandenburger, Friedenberg, and Keisler (2008, BFK) by showing that rationality and common assumption of rationality (RCAR) is possible in complete lexicographic type structures and characterizes iterated admissibility---i.e., iterated elimination of weakly dominated...