In this paper, a discrete time, multi-gear and age structured bio-economic model is developed for the Northern Atlantic Bluefin Tuna, which is a paradigmatic example of the difficulties faced in managing highly migratory fish stocks. The 1995 U.N. Fish Stocks Agreement provides guidance as to...

This paper develops and tests a dynamic optimization model of fishermen's investment behavior in a limited-entry fishery. Because exit from limited-entry fisheries may be irreversible, the fisherman has an incentive to maintain the right to fish (whether by actually fishing or by purchasing an...

We develop and apply a new method for estimating the economic benefits of an environmental amenity. The method fits within the household production framework (Becker 1965), and is based upon the notion of estimating the derived demand for a privately traded option to utilize a freely-available...

Coral reefs may naturally flip between coral-dominated and algae-dominated states, when species' stocks trespass some threshold levels. This essay uses a stylized model of a coral reef to show how fishing may induce flips towards more algae-dominated states. Threshold effects have consequences...

Demand and supply analysis in fisheries often indicates the presence of instabilities and multiple equilibria, both in open access conditions and in the socially optimal solution. The associated management problems are further intensified by uncertainty on the evolution of the resource stock or...

This paper examines how non-binding co-operative agreements on marine fisheries management can be sustained when management plans in participating countries are implemented with error. The effects of implementation uncertainty on voluntary co-operation are compared to those of recruitment...