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Efficiency Advantages of Grandfathering in Rights-Based Fisheries Management
Libecap, Gary D.; Anderson, Terry L.; Arnason, Ragnar - National Bureau of Economic Research (NBER) - 2010
We show that grandfathering fishing rights to local users or recognizing first possessions is more dynamically efficient than auctions of such rights. It is often argued that auctions allocate rights to the highest-valued users and thereby maximize resource rents. We counter that rents are not...
Persistent link: https://www.econbiz.de/10008695045
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Global Benefits of Marine Protected Areas
Heal, Geoffrey; Rising, James - National Bureau of Economic Research (NBER) - 2014
Case studies suggest that Marine Protected Areas (MPAs) can be effective tools for fishery management. This study uses …
Persistent link: https://www.econbiz.de/10010752364
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Unitization of spatially connected renewable resources
Kaffine, Daniel T.; Costello, Christopher J. - National Bureau of Economic Research (NBER) - 2010
Spatial connectivity of renewable resources induces a spatial externality in extraction. We explore the consequences of decentralized spatial property rights in the presence of spatial externalities. We generalize the notion of unitization - developed to enhance cooperative extraction of oil and...
Persistent link: https://www.econbiz.de/10008534514
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Overcoming the common pool problem through voluntary cooperation: the rise and fall of a fishery cooperative
Deacon, Robert T.; Parker, Dominic P.; Costello, Christopher - National Bureau of Economic Research (NBER) - 2010
the self-selection of heterogeneous fishermen into sectors. The fishery management regime assigns one portion of an … independently. Data from an Alaska commercial salmon fishery confirm our model's key predictions, that the co-op would facilitate … the co-op's demise, an outcome also predicted by our model. Our analysis provides guidance for designing fishery reform …
Persistent link: https://www.econbiz.de/10008534518
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The Problem of the Commons: Still Unsettled After 100 Years
Stavins, Robert Norman - National Bureau of Economic Research (NBER) - 2010
The problem of the commons is more important to our lives and thus more central to economics than a century ago when Katharine Coman led off the first issue of the American Economic Review. As the U.S. and other economies have grown, the carrying-capacity of the planet -- in regard to natural...
Persistent link: https://www.econbiz.de/10008674231
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The Value of Secure Property Rights: Evidence from Global Fisheries
Grainger, Corbett A.; Costello, Christopher - National Bureau of Economic Research (NBER) - 2011
Property rights are commonly touted as a solution to common pool resource problems. But in practice the security of these property rights varies substantially owing to differences in design. In fisheries, the design of individual transferable quotas (ITQs) varies widely; the consequences of...
Persistent link: https://www.econbiz.de/10009019695
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Property Rights, Regulatory Capture, and Exploitation of Natural Resources
Costello, Christopher; Grainger, Corbett - National Bureau of Economic Research (NBER) - 2015
We study how the strength of property rights to individual extractive firms affects a regulator’s choice over exploitation rates for a natural resource. The regulator is modeled as an intermediary between current and future resource harvesters, rather than between producers and consumers, as...
Persistent link: https://www.econbiz.de/10011123626
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Contagion: How to Measure It?
Rigobon, Roberto - National Bureau of Economic Research (NBER) - 2001
The empirical literature on contagion has mainly measured the propagation of shocks across countries using daily stock markets, interest rates, and exchange rates. Several methodologies have been used for this purpose, however, the properties of the data introduces important limitations on the...
Persistent link: https://www.econbiz.de/10005085309
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From Superminis to Supercomputers: Estimating Surplus in the Computing Market
Greenstein, Shane Mitchell - National Bureau of Economic Research (NBER) - 1994
Innovation was rampant in the computer industry during the late 1960s and the 1970s. Did innovation vastly extend the capabilities of computers or simply reduce the costs of doing the same thing? This question goes to the heart of whether the rate of decline in 'constant-quality' computing...
Persistent link: https://www.econbiz.de/10005710171
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Identification through Heteroskedasticity: Measuring "Contagion: betweenArgentinean and Mexican Sovereign Bonds
Rigobon, Roberto - National Bureau of Economic Research (NBER) - 2000
In this paper, I develop a new identification method to solve the problem of simultaneous equations, based on heteroskedasticity of the structural shocks. I show that if the heteroskedasticity can be described as a two-regime process, then the system is just identified under relatively weak...
Persistent link: https://www.econbiz.de/10005720550