Researchers have long recognized that entrepreneurial or managerial skill is a major determinant of productivity or reason why production among firms varies. Yet, except for a few studies, differences in productivity and output levels are usually attributed to plant configuration or scale. More...

This paper extends the method of virtual prices for quantity constraints to provide inverse derived demand functions for quotas and quota market equilibrium and pricing. The approach is applied to evaluate the anticipated effects of a potential program of individual transferable quotas...

Excess capacity poses one of the most pressingproblems that arise when industries exploitcommon-pool natural resources. It entailsover-investment in the capital stock andexcessive use of variable inputs, and placesadditional exploitation pressures on theresource stocks. Confusion persists over...

Overcapacity is a major problem in common-pool resources. Regulators increasingly turn from limited entry to individual transferable use rights to address overcapacity. Using individual vessel data from before and after the introduction of individual harvest rights into a fishery, the paper...

Overfishing and excess capacity in mostfisheries around the world have generated considerableand increasing concern about their biological and economic performance ramifications. Theseproblems, in part, stem from substantialinvestment in technical improvements to boats andequipment in fishing...