The global demand for protein from seafood – whether wild, caught or cultured, whether for direct consumption or as feed for livestock – is high and projected to continue growing. However, the ocean’s ability to meet this demand is uncertain due to either mismanagement or, in some cases,...

We study how the strength of property rights to individual extractive firms affects a regulator's choice over exploitation rates for a natural resource. The regulator is modeled as an intermediary between current and future resource harvesters, rather than between producers and consumers, as in...

Credit markets and property rights are fundamental for modern economies, but they also have implications for the commons. Using a dynamic model of competitive resource extraction, we show that improving property right security unambiguously increases conservation incentives, but the effect of...