How does conventionally defined social welfare (SW) decline when a marine resource is allocated over time using a discount rate different from the social discount rate (SDR)? Utilizing a computational, discrete-time stylized anchovy model it is found that, for SDRs in the range 4–7%, using a...

In classical traffic flow theory, there are two velocities associated with a given level of traffic flow. Following Vickrey, economists have termed travel at the higher speed congested travel and at the lower speed hypercongested travel. Since the publication of Walters' classic paper (1961,...