Resources are often allocated without property rights and the attendant market exchanges. Households commonly encounter these situations—access to schools, on-street parking. Fishing firms typically exploit stocks in a limited-entry setting under input controls. Absent transferable rights and...

This article studies how rent-seeking behavior induces an informal leasing market for fishing licenses that leads harvesters in a common pool to circumvent rules set by the manager to conserve the resource, as well as how the vulnerability of the resource to such behavior depends on the...

The notion of diminishing marginal value had a profound impact on the development of neoclassical theory. Early neoclassical scholars had difficulty convincing contemporaries of the new paradigm's value until political economists used the critical assumption of diminishing marginal value to link...

Consumer decisions regarding quality or attribute differentiated goods, involve discrete or qualitative choice regarding an exhaustive set of mutually exclusive alternatives determined by preferences over the attributes that characterize the alternatives, not over the alternatives themselves....

Abstract not available

A Cournot model of investment is used to characterize the pre- and post-buyback investment equilibrium for vessels operating in a total-allowable-catch-regulated fishery. Welfare effects-the net welfare gains or losses and the distributional effects-that may be expected from vessel buyback...

The notion of diminishing marginal value had a profound impact on the development of neoclassical theory. Early neoclassical scholars had difficulty convincing contemporaries of the new paradigm's value until political economists used the critical assumption of diminishing marginal value to link...