The paper discusses and redefines the traditional concept of externalities. Inspired by J.R. Commons' theory of institutional evolution we define externalities as policy relevant institutional interdependencies. Our concept of externalities is more general and reflects institutional failure...

The paper analyzes the exploitation of a local common where the behavior is steered by altruism rooted in social norms. The analysis is illustrated by using the Gordon-Schäfer model of a fishery. We start by reviewing the standard results when all exploiters are purely egoists; i.e., when own...

We study the economy and ecology of sheep farming under future climate change scenarios. The analysis is at the farm level and includes two different categories of the animals, ewes (adult females) and lambs with a crucial distinction between the outdoors grazing season and the winter indoors...

This chapter develops a sustainable economic yield harvesting model for the wild Atlantic salmon (Salmo salar) where the population comprises different age classes. It is shown that the weight–fecundity relationship of the spawning population, comprising two age classes, is crucial for the...

This paper explores the ecological and economic impacts of interactions between escaped farmed and wild Atlantic salmon (Salmo salar, Salmonidae) over generations. An age- and stage-structured bioeconomic model is developed. The biological part of the model includes age-specific life history...

The escape of cultured fish from a marine aquaculture facility is a type of biological invasion that may lead to a variety of potential ecological and economic effects on native fish. This paper develops a general invasive species impact model to capture explicitly both the ecological and...

Economic interdependency of wildlife or fish stocks is usually attributed to ecological interdependency, such as predator - prey and competitive relationships, or to density dependent migration of species between different areas. This paper provides another channel for economic interdependency...

This paper presents a bioeconomic analysis of a red deer population within a Norwegian institutional context. This population is managed by a well-defined manager, typically consisting of many landowners operating in a cooperative manner, with the goal of maximizing the present-value hunting...

The paper studies the economy and ecology of sheep farming at the farm level in a Nordic context, with a crucial distinction between the outdoors grazing season and the winter indoors feeding season, and where climate conditions fix the length of the grazing season. Two different categories of...

A model of interaction between a renewable natural resource with capital limitations, as exemplified by the optimal investment problem of sheep farming in a Nordic context, is analyzed. The model builds on existing studies from the fisheries literature, but the important difference is that while...