The dynamic efficiency of closures in bioeconomic systems depends upon stock levels and in situ values that evolve over time, and on relative costs of implementation. A model of a harvested metapopulation is presented in which second-best reduction of harvest from open-access levels using input...

Commercial whaling is highly contentious, angering animal rights groups and conservation organizations, who threaten boycotts. Proponents of whaling argue that many whale stocks are plentiful enough to support sustainable harvests. In terms of economic efficiency, a nation's decision to engage...