The problem of the commons is more important to our lives and thus more central to economics than a century ago when Katharine Coman led off the first issue of the American Economic Review. As the U.S. and other economies have grown, the carrying-capacity of the planet - in regard to natural...

Marine resource depletion is a critical concern for humankind. Individual Transferable Quota (ITQ) regimes are among the most effective measures to tackle this problem. Employing an experimental approach, this study examines the rationality of fishers under an ITQ regime. In particular, this...

In this paper we are concerned with private sector participation in natural resource management in developing countries. The paper addresses both the establishment (or formalisation) of private property rights to natural resources, and the private markets in which such rights are exchanged. The...

One aspect of ecosystem-based management is to include new stakeholders. When an environmental NGO (ENGO) gets a say in the fisheries management, this will affect the authorities' optimal regulation. Combining a principal-agent model and a steady-state bioeconomic model, we show that under...

The problem of the commons is more important to our lives and thus more central to economics than a century ago when Katharine Coman led off the first issue of the American Economic Review. As the U.S. and other economies have grown, the carrying-capacity of the planet--in regard to natural...

Understanding the eect of introducing property rights to natural resources is central in economics, but empirical analysis is frustrated by the complexity of socioecological systems. We construct a detailed bio-economic model of the Norwegian coastal cod shery, which was closed after 1989, to...

Individual transferable quotas (ITQs) induce changes along the both the extensive margin—via consolidation of quota among fewer vessels—and the intensive margin, as harvesters adjust their behavior to ITQ incentives. We use ITQ introduction in the Bering Sea crab fishery to decompose the...

La gestión eficiente de ciertos recursos renovables caracterizados por la propiedad común y el libre acceso ha estado mediatizada por la denominada «Tragedia de los Comunes». La literatura pionera en este campo enfatizaba la necesidad de un marco regulatorio que superara esta tendencia hacia...

Fish stocks can be considered as natural capital stocks providing harvestable fish. Fishing at low stock sizes means borrowing from the natural asset. While fishing a particular quantity generates immediate profits and income, an interest rate has to be paid in terms of foregone future fishing...

The degree to which selectivity in fisheries is malleable to changes in incentive structures is critical for policy design. We examine data for a multispecies trawl fishery before and after a transition from management under common-pool quotas to a fishery cooperative and note a substantial...