economically efficient extraction paths - is tested empirically with a novel panel data set from global fisheries. Exploiting the …

these property rights varies substantially owing to differences in design. In fisheries, the design of individual … property rights lead to higher asset values and lower dividend price ratios in ITQ fisheries. This pecuniary effect of property …

commons. Using a dynamic model of competitive resource extraction, we show that improving property right security … security of property rights. We test these predictions using data on global fisheries, credit markets, and the largest …

overall catch quota to a voluntary cooperative, with the remainder exploited as a commons by those choosing to fish …

The problem of the commons is more important to our lives and thus more central to economics than a century ago when … the commons. Within the realm of natural resources, there are special challenges associated with renewable resources …, which are frequently characterized by open-access. An important example is the degradation of open-access fisheries …

The literature on the optimal harvest of fisheries has concentrated on a single fishing area with biomass uncertainty …

We develop a theory of resource management where the degree to which countries escape the tragedy of the commons is … at any world price, have zero rents and suffer from the tragedy of the commons. Ostrom economies exhibit de facto open …