Current efforts to value ecosystem services have contributed little to the valuation of natural capital, suggesting that in practice “nature is capital” primarily serves as a metaphor. We provide a theoretically motivated approach for recovering natural capital prices that expands beyond...

A canvass of the resource economics literature of the last thirty years yields a limited number of applications of economic theory to the problems of recreational fishing, especially compared to the depth of contributions to commercial fisheries over this era. This neglect may be linked to the...

We develop a simple game-theoretic model to explain the production decisions of firms when the production of a marketed good is complementary with the output of an associated good for which no market is available and the output of both goods is regulated by exogenously determined common pool...

Evaluating the importance of different forms of open space to households requires an evaluation of the service flows provided by each type of open space. For many non-market goods, these flows occur over multiple spatial scales and require analysis that simultaneously accounts for capitalization...

We utilize a variety of approaches to examine the success of a voluntary conservation program for a common property resource. The availability of panel data and a nonparticipatory group lets us use quasi-experimental methods to investigate the distribution of outcome treatment effects. We...

Urban lakes located in arid environments require large quantities of water to maintain their water levels, with much of this water associated with high opportunity costs. Many of these lakes are manmade and provide various amenities to surrounding residents. In this paper we use matching...

Many researchers have addressed concerns of omitted variable bias in hedonic price models through the use of spatial fixed effects. We argue that this approach does not consider the biases introduced by effects that overlap the zone of capitalization for nonmarket goods. We show this bias can...

Individual transferable quotas (ITQs) induce changes along the both the extensive margin—via consolidation of quota among fewer vessels—and the intensive margin, as harvesters adjust their behavior to ITQ incentives. We use ITQ introduction in the Bering Sea crab fishery to decompose the...

Much of the discussion of the tragedy of the commons focuses on aggregate impacts, often in data-poor developing country settings. Few non-experimental empirical studies shed light on contextual circumstances driving the extent of rent dissipation and overexploitation. We utilize a...

The degree to which selectivity in fisheries is malleable to changes in incentive structures is critical for policy design. We examine data for a multispecies trawl fishery before and after a transition from management under common-pool quotas to a fishery cooperative and note a substantial...