This paper discuss the relationship between traditional parametric tests for market integration such as causuality tests and tests of the Law of One Price and cointegration tests for market integration. We show that cointegration tests are a natural extension of the traditional methods taking...

The purpose of this paper is to test for price parity across different species of whitefish in the European Union. Price parity is defined by a system of cointegrated prices and would be evidence of a single European market for whitefish. Whitefish are of interest because EU fishers receive the...

The failures of traditional target-species management have led many to propose an ecosystem approach to fisheries to promote sustainability. The ecosystem approach is necessary, especially to account for fisheryï¾–ecosystem interactions, but by itself is not sufficient to address two...

The Stern Report seems optimistic about the cost of emissions reductions, and does not seriously face the fact that stabilizing the climate could require keeping much of the world in poverty, according to Rognvaldur Hannesson.

This paper considers how likely it is that a given number of agents who share a homogeneous oil reservoir will exploit the reservoir for their common benefit. A game-theoretical model is used, examining whether one agent would profit from deviating from the cooperative strategy, given that the...

Individual transferable quotas (ITQs) are primarily tools to achieve economic efficiency and do not amount to ownership of fish stocks. The 200 mile exclusive economic zone (EEZ) went a long way to establish national jurisdiction over fish stocks, and without this ITQs would not have been...

Rich with detail and provocatively argued, this study of the development of property rights in the world's fisheries tells the story of one industry's evolution and provides a useful illustration of the forces that shape economic institutions. The emergence of exclusive individual rights of...