Efficient management of natural resources requires that the least cost fishers operate in a fishery. Information economics tells us that firms have information about their costs that governments cannot readily acquire, and that we need to ensure this information is revealed in order to allocate...

Recent developments in economics make it possible to design and create markets in sectors of the economy where they have previously been missing or inefficient. Although of interest from an economic efficiency perspective, market-based approaches to environmental management also reveal...