In many developing countries a lack of property rights leads to unsustainable harvests of traditionally exploited renewable resources. Product and labor market failure due to trans-action costs can either exacerbate or offset this overexploitation. Combining a model of open access fisheries...

This paper considers the dynamic producer and consumer benefits from improving habitat that supports a commercial fishery under two different fishery management institutions. By coupling state equations that represent the effects of estuarine eutrophication on fish populations with a...