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The Valuation of Fisheries Rights : A Real Options Approach

Pizarro, Jose - 2018

Fisheries. The model includes two sources of uncertainty: the resource biomass and the price of fish, and it can be used by … fisheries to optimally adapt their harvesting strategy to changing conditions in these stochastic variables. The model also … features realistic operational cash flows and fisheries can shutdown and reopen operations. Using publicly available data on …

Persistent link: https://www.econbiz.de/10012909855

Non-Parametric Tests of the Tragedy of the Commons

Banzhaf, H. Spencer - 2019

Extending recent results in the industrial organization literature (Carvajal et al. 2013), we de-rive non-parametric tests of behavior consistent with the tragedy of the commons model. Our approach derives testable implications of such behavior under any arbitrarily concave, differentiable...

Persistent link: https://www.econbiz.de/10012860448

Property Rights, Regulatory Capture, and Exploitation of Natural Resources

Costello, Christopher J. - 2015

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

Persistent link: https://www.econbiz.de/10013030066

Incentives in Corporations : Evidence from the American Whaling Industry

Hilt, Eric - 2004

In the 1830s, when whaling was a prosperous American industry, a number of whaling corporations were chartered. All of them were short-lived. This paper analyzes the failure of corporations in American whaling, and argues that the corporate form was unable to create the incentives requisite for...

Persistent link: https://www.econbiz.de/10012785752

Overcoming the Common Pool Problem Through Voluntary Cooperation : The Rise and Fall of a Fishery Cooperative

Deacon, Robert T. - 2010

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...

Persistent link: https://www.econbiz.de/10013138469

Efficiency Advantages of Grandfathering in Rights-Based Fisheries Management

Anderson, Terry Lee - 2010

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...

Persistent link: https://www.econbiz.de/10013136355

Coasean Approaches to Ending Overfishing : Bigeye Tuna Conservation in the Western and Central Pacific Ocean

Ovando, Daniel; Libecap, Gary D.; Millage, Katherine; … - 2022

existing stalemates in this and other fisheries, consideration of Coasean-style approaches is warranted …

Persistent link: https://www.econbiz.de/10014093797

The Value of Secure Property Rights : Evidence from Global Fisheries

Grainger, Corbett - 2011

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 …

Persistent link: https://www.econbiz.de/10013125578

The Negative Trade-Off between Risk and Incentives : Evidence from the American Whaling Industry

Hilt, Eric - 2021

This paper analyzes the trade-off between risk and incentives in the share contracts of the American whaling industry. Using a newly-collected panel of 5,378 individuals who sailed on whaling voyages from 1855-68, the response of sailors' compensation to an increase in risk is estimated. The...

Persistent link: https://www.econbiz.de/10013213451

Long-Term Care, Wealth, and Health of the Disabled Elderly Living in the Community

Garber, Alan M. - 2009

Providing and financing long-term care of the elderly are among the most challenging policy issues facing the aging American population. This study examines characteristics and selected measures of utilization in the population most likely to use long-term care. It investigates characteristics...

Persistent link: https://www.econbiz.de/10012767111