An option-pricing model is developed to rank investments that might improve water quality. The model presumes that two investment options exist that have the potential to alter the stochastic drift of a pollutant. The investments have capital and operating costs and are irreversible once...

The Magnuson fisheries Conservation and management Act (MFCMA) was enacted and implemented in 1977. In an analysis of data collected by the National Marine Fisheries Service one observes a significant increase in the landings of fish and shellfish and in the nominal and real exvessel revenue,...

The development of offshore oil and gas, the mining of deep sea minerals and the disposal of wastes through ocean dumping have raised important questions about the way we harvest ocean resources and use the marine environment. From an economic perspective all of the above activities involve...