Economic theories of managing renewable resources, such as fisheries and forestry, traditionally assume that individual harvesters are perfectly rational and thus able to compute the optimal harvesting strategy that maximizes their profits. The current paper presents an alternative approach...

This paper deals with the sustainable management of a renewable resource based on individual and transferable quotas (ITQs). The aim of that paper is to determine the conditions under which a regulating agency can achieve both ecological and economic objectives when agents are heterogenous and...

This paper studies multilateral negotiations among n players in an environment where there are externalities and contracts forming coalitions can be written and renegotiated. The negotiation process is modeled as sequential game of offers and counteroffers, and the study focus on the stationary...

This paper analyses the response of seven of the newly acceded countries (NACs)to EU supply and monetary shocks. A typical NAC perceives an EU technology disturbance as a positive supply shock and an EU monetary expansion as a negative demand shock. When we split the seven countries into two...

We introduce elements of state-dependent pricing and strategic complementarity within an otherwise standard "New Open Economy Macroeconomics" model, and develop its implications for the dynamics of real and nominal economic activity. Under a traditional Producer-Currency-Pricing environment, our...

Literature on environment and endogenous growth suggests that sustainable growth critically depends on technological innovations. In this paper, technological progress takes the form of an expansion in the variety of inputs. In a first scenario, a closed economy is endowed with a renewable...

Contemporary economics contains mainly two approaches for an explanation of fluctuations of economic activity indicators. The first approach expresses fluctuations as the expression of an environment that is fundamentally uncertain and subject to random external shocks. The second approach...

Indicators and their associated reference points are key elements of current fisheries management advice, as well as of the developing ecosystem approach to it, especially in the International Council for the Exploration of the Sea precautionary approach. However, although sustainable management...