The paper examines property regimes and common-pool resources. Using examples and case studies, the relative merits of private, community, and state-based rights are detailed. The insights from the case studies and an analysis of institution costs provide a tentative framework for understanding...

This paper uses data from an actual fishery to construct a tractable, dynamic model to compare expected profit and its variance, optimal stock size, optimal harvest rate, and optimal fishing effort under different management regimes under uncertainty. The results provide a comparison of...

Using data from what was once one of the world’s largest capture fisheries, the northern cod fishery, the economic value of a marine reserve is calculated using a stochastic optimal control model with a jump-diffusion process. Counterfactual analysis shows that with a stochastic environment an...