The negative correlation between resource endowments and GDP growth remains one of the most robust findings in the empirical growth literature, and has been coined the “resource curse hypothesis”. The policy consequences of this result are potentially far reaching. If natural resources are an...

Individual transferable quota (ITQ) regulation relies on a decentralizedmarket mechanism and a single price to allocate access to a stock of fish. The resulting allocation will not be fully efficient if the stock being allocated is heterogeneous or if there are potential gains from centralized...