National government-funded payments for environmental services (PES) programs often lack sustainable financing and fail to target payments to providers of important environmental services. In principle, these problems can be mitigated by supplementing government financing with contributions from...

National government-funded payments for environmental services (PES) programs often lack sustainable financing and fail to target payments to providers of important environmental services. In principle, these problems can be mitigated by supplementing government financing with contributions from...

We explore the efficiency of allowing participants in transferable-rights programs to sell credits in multiple markets, i.e., to double dip. In a first-best economy double-dipping is efficient, but if the cap is set suboptimally, then the answer depends on the relative slopes of the marginal...

This paper examines the ability of two new policies to reduce bycatch of red snapper by the shrimp fishery in the Gulf of Mexico: Fractional License and Fractional Gear Programs, as proposed by Townsend, reduce bycatch by reducing the effort levels of shrimp vessels. The policies are evaluated...

Transferable rights (TRs) programs are being increasingly considered in fisheries to overcome current overfishing situation. This paper will focus on developing a conceptual foundation, investigating advantages of the TRs program in fishery management, and answering critical issues to implement...

This paper focuses on estimating consumers' willingness to pay for and willingness to accept irradiated food using a non-hypothetical experiment utilizing real food products (i.e., irradiated ground beef), real cash, and actual exchange in a market setting. Single-bounded and one and one-half...

This paper presents an economic model of sustainability defined as intergenerational fairness. Assuming that intergenerational fairness is an obligation of each generation, a recursive optimization problem is obtained. The problem has the advantage that uncertainty can readily be incorporated in...