This paper discuss the relationship between traditional parametric tests for market integration such as causuality tests and tests of the Law of One Price and cointegration tests for market integration. We show that cointegration tests are a natural extension of the traditional methods taking...

The purpose of this paper is to test for price parity across different species of whitefish in the European Union. Price parity is defined by a system of cointegrated prices and would be evidence of a single European market for whitefish. Whitefish are of interest because EU fishers receive the...

Rich with detail and provocatively argued, this study of the development of property rights in the world's fisheries tells the story of one industry's evolution and provides a useful illustration of the forces that shape economic institutions. The emergence of exclusive individual rights of...

The failures of traditional target-species management have led many to propose an ecosystem approach to fisheries to promote sustainability. The ecosystem approach is necessary, especially to account for fisheryï¾–ecosystem interactions, but by itself is not sufficient to address two...

Where a fish stock straddles or migrates between country A's exclusive economic zone (EEZ) and country B's EEZ, or the high seas, vesting ownership rights in the stock with A does not ensure efficient harvesting of the stock. This problem arises in the case of migratory tuna stocks in the...

This paper considers how likely it is that a given number of agents who share a homogeneous oil reservoir will exploit the reservoir for their common benefit. A game-theoretical model is used, examining whether one agent would profit from deviating from the cooperative strategy, given that the...

The Stern Report seems optimistic about the cost of emissions reductions, and does not seriously face the fact that stabilizing the climate could require keeping much of the world in poverty, according to Rognvaldur Hannesson.