Fisheries managers use licenses as a method of capping the size of a fishing industry, but as management goals change and the size of fishery stocks fluctuate, managers may be faced with the decision to buy back licenses. The vast majority of economic literature on license buyback programs...

An integrated bioeconomic model is built based on an individual-based simulation model and a stock assessment model for the Chesapeake Bay blue crab fishery. The resulting model is able to not only compare alternative management scenarios being considered by policy makers in terms of both...

This paper argues that the subjective expected utility (SEU) hypothesis has serious limitations in both positive and normative analysis. In addition to experimental evidence, we discuss examples where alternatives to the SEU model provide a richer framework for the study problems of choice under...