Most markets have evolved as buyers and sellers constantly search for ways to create value, however this has not occurred naturally in all areas of the economy – markets are missing for some goods, including the environment. In such cases, transaction costs linked to property rights, asymmetric...

This paper presents an analysis of agricultural contracts using a transaction costs approach. We contend that in a context of modern agriculture, with well defined property rights, agricultural contracts must balance costs and benefits, aligning tenant and landlord incentives towards a similar...

In this article, intraseasonal fishing is modeled as a differential game between fishers in a total allowable catch (TAC)–regulated fishery with and without individual fishing quotas (IFQs). Heterogeneous harvest values are included by incorporating time-specific harvest costs and a...

This paper presents econometric evidence of the effects of economic incentives and institutions on national aggregate private agricultural R&D investments. A model is proposed and fitted to annual data for seven European Union countries, 1984-1995. We find strong impacts of both incentives and...

The conflict between efficiency and maximization of employment colours all aspects of fisheries management in Canada, including implementation of rights based fisheries management regimes. Even though rights based systems are strongly based on considerations of efficiency, sometimesat the...

Abstract—Existing research treats the cooperative structure as relatively homogeneous. The proposed paper argues that all cooperatives are not created equal – and consideration of organizational structure is critical when analyzing the economic impact of cooperation. In recent empirical...

Individual transferable quota (ITQ) regulation relies on a decentralizedmarket mechanism and a single price to allocate access to a stock of fish. The resulting allocation will not be fully efficient if the stock being allocated is heterogeneous or if there are potential gains from centralized...

The relative merits of different systems of property rights to allocate water amongdifferent extractive uses are evaluated for the case where variability of supply isimportant. Three systems of property rights are considered. In the first, variablesupply is dealt with through the use of water...

The Theory of the Second Best implies that any country with less-than-ideal resources can lose from international trade. Recently it has been suggested this means the South (poor countries) are better off suppressing trade with the North, especially trade in natural resource products, since the...

The relative merits of different systems of property rights to allocate water among different extractive uses are evaluated for the case where variability of supply is important. Three systems of property rights are considered. In the first, variable supply is dealt with through the use of water...