This paper models the use of community sanctions to restrict effort in a simple Gordon-Shaefer style model of the fishery with heterogeneous fishing costs.

The estimates of productivity growth reported here show the contribution of various components of aggregate demand, including the positive role of low unemployment. The estimated equation was based on a model of growth and transformation, and was estimated using the longest period for which...

This paper explores conflicts between two groups, "the industry" and "the environmentalists", over whether an indivisible resource (e.g., an ancient tree) should be harvested or preserved. The problem is first analysed as a complete information "war of attrition". Under the "rationalizability",...

The present value tests of intertemporal model of the current account usually assume that all goods are traded and that aggregate consumption decisions can be closely approximated by a random walk process. This paper extends these models by explicitly introducing durables and nontraded goods...