This paper deals with the sustainable management of a renewable resource based on individual and transferable quotas (ITQs) when agents differ in terms of harvesting costs or catch capability. In a dynamic bio-economic model, we determine the feasibility conditions under which a fishery manager...

We imbed a classic fishery model, where the optimal policy follows a Most Rapid Approach Path to a steady state, into an overlapping generations setting. The current generation discounts future generations׳ utility flows at a rate possibly different from the pure rate of time preference used to...

Economics of the fishery has focused on the wastefulness of common pool resource exploitation. Pure open access fisheries dissipate economic rents and degrade biological stocks. Biologically managed fisheries also dissipate rents but are thought to hold biological stocks at desired levels. We...

Spatial-dynamic processes in renewable resource economics pose difficult conceptual, analytical, empirical, and institutional challenges that are distinct from either spatial or dynamic problems. We describe the challenges and conceptual approaches using both continuous and discrete depictions...

Beach nourishment is a common coastal management strategy used to combat erosion along sandy coastlines. It involves building out a beach with sand dredged from another location. This paper develops a positive model of beach nourishment and generates testable hypotheses about how the frequency...

Beach nourishment is a policy used to rebuild eroding beaches with sand dredged from other locations. Previous studies indicate that beach width positively affects coastal property values, but these studies ignore the dynamic features of beaches and the feedback that nourishment has on shoreline...