We show that grandfathering fishing rights to local users or recognizing first possessions is more dynamically efficient than auctions of such rights. It is often argued that auctions allocate rights to the highest-valued users and thereby maximize resource rents. We counter that rents are not...

We analyze a seldom used, but highly promising form of rights-based management over common pool resources that involves the self-selection of heterogeneous fishermen into sectors. The fishery management regime assigns one portion of an overall catch quota to a voluntary cooperative, with the...

Quantity-based regulation with banking allows regulated firms to shift obligations across time in response to periods of unexpectedly high or low marginal costs. Despite its wide prevalence in existing and proposed emission trading programs, banking has received limited attention in past welfare...

This paper considers how policy updates and trading of regulated quantities over time changes the traditional comparative advantage of prices versus quantities. Quantity regulation that can be traded over time leads firms to set current prices equal to expected future prices. A government...

Structurally estimating the Grossman and Helpman (1994) model using coverage ratios that include non-tariff barriers leads to biased parameter estimates. We develop a quot;protection for salequot; theoretical framework consistent with the data, by explicitly allowing for non-tariff barriers....

Case studies suggest that Marine Protected Areas (MPAs) can be effective tools for fishery management. This study uses global datasets of MPAs and stock assessments to estimate the strength and robustness of their benefits. We apply multiple models, including a treatment-control pairing, a...

Major carbon-pricing systems in Europe and North America involve multiple jurisdictions (countries or states). Individual jurisdictions often pursue additional initiatives—such as unilateral carbon price floors, legislation to phase out coal, aviation taxes or support programs for renewable...