economically efficient extraction paths - is tested empirically with a novel panel data set from global fisheries. Exploiting the …

security of property rights. We test these predictions using data on global fisheries, credit markets, and the largest …

The literature on the optimal harvest of fisheries has concentrated on a single fishing area with biomass uncertainty …

these property rights varies substantially owing to differences in design. In fisheries, the design of individual … property rights lead to higher asset values and lower dividend price ratios in ITQ fisheries. This pecuniary effect of property …

Fisheries. The model includes two sources of uncertainty: the resource biomass and the price of fish, and it can be used by … fisheries to optimally adapt their harvesting strategy to changing conditions in these stochastic variables. The model also … features realistic operational cash flows and fisheries can shutdown and reopen operations. Using publicly available data on …

, which are frequently characterized by open-access. An important example is the degradation of open-access fisheries …