Understanding the effect of introducing property rights to natural resources is central in economics, but empirical analysis is frustrated by the complexity of socioecological systems. We construct a detailed bio-economic model of the Norwegian coastal cod fishery, which was closed after 1989,...

Chapter 1: Introduction -- Chapter 2: Pollution and Natural Rights – Billy Christmas -- Chapter 3: Do Libertarians Have Anything Useful to Contribute to Climate Change Policy? -- Chapter 4: Climate Change Adaptation through the Prism of Individual Rights -- Chapter 5: Common Law Tort as a...

The literature on trade in renewable resources implicitly assumes that the traded resources are perfect substitutes. We model trade in renewable resources as stipulated not only by autarky price differences, but also by consumers' love of variety. We show that the love-of-variety effect enables...