The policy of the fishing sector in Romania, in terms of commercial fishing, it envisages measures that ensure the sustainable exploitation of living aquatic resources, efficient management, stimulating those who work in this sector to unite in associative forms, the collection of statistical...

Existing models of open-access resources are applicable to non-storable resources, such as fish. Many open-access resources, however, are used to produce storable goods. Elephants, rhinos, and tigers are three prominent examples. Anticipated future scarcity of these resources will increase...

The policy of the fishing sector in Romania, in terms of commercial fishing, it envisages measures that ensure the sustainable exploitation of living aquatic resources, efficient management, stimulating those who work in this sector to unite in associative forms, the collection of statistical...

Risk of stock collapse is a genuine motivation for cooperative fisheries management. We analyse the effect of an endogenously determined risk of stock collapse on the incentives to cooperate in a Great Fish War model. We establish that equilibrium harvest strategies are non-linear in stock and...

Catastrophic risk is currently a hotly debated topic. This paper contributes to this debate by showing two results. First it shown that the value function in dynamic optimization can have an infinite derivative at some point even if the model specification has functional forms that are finite...