This paper developes a bioeconomic model to analyse the economic losses from the reduced harvesting of prey species resulting from an increase in the stock of a natural predator. Examples of large mammals creating economic damage are whales and African elephants. The economic losses depend...

Changes in the exchange rate have direct and indirect effects on the prices of domestically produced goods and imports in the domestic market. The direct effects originate with the impact of the exchange rate on the marginal cost of imports; the indirect effects, with its impact on the price of...

This paper shows that the Hartwick rule for sustainable utility with depletable resources still applies to the case of the greenhouse effect from fossil fuel carbon emissions. Although a carbon tax is necessary, for sustainable utility it is sufficient that the sum of net energy rents and carbon...

In a recent paper, Clark and Munro (1980)showed that monopsony processing more than offsets the effects of open-access in the harvesting sector of a commercial fishery, and leads to overconservation of the resource. We show here that this conclusion depends critically on the cost of capacity and...