Analytical results for steady-state values of the biomass that maximises the sum of inter-temporal economic profits (dynamic b_MEY) are derived in terms of a generalised harvesting function. The conditions under which dynamic b_MEY exceeds the biomass that maximises the sustained yield (b_MSY) are...

A bioeconomic model is constructed to analyze spatial harvesting and the effects of marine reserve "switching" between a "no-take" area and a harvested area while accounting for both harvesting/consumptive and also non-consumptive values of the fishery. Using estimated parameters from the red...

We show that (i) subsidies for renewable energy policies with the intention of encouraging substitution away from fossil fuels may accentuate climate change damages by hastening fossil fuel extraction, and that (ii) the opposite result holds under some specified conditions. We focus on the case...

This paper analyzes the dramatic increases in rice output and productivity in Vietnam due largely to market reform, inducing farmers to work harder and use land more efficiently. The reform process is captured through changes in effort variables and a decomposition of total factor productivity...

This paper constructs a simple optimal monetary growth model in which an endogenous and variable rate of time preference provides a rational foundation for a Tobin-effect in a system where otherwise strong neoclassical assumptions (e.g., perfect foresight, an infinite planning horizon, and...

The failures of traditional target-species management have led many to propose an ecosystem approach to fisheries to promote sustainability. The ecosystem approach is necessary, especially to account for fisheryï¾–ecosystem interactions, but by itself is not sufficient to address two...

Fixed effects vector decomposition (FEVD) is simply an instrumental variables (IV) estimator with a particular choice of instruments and a special case of the well-known Hausman-Taylor IV procedure. Plümper and Troeger (PT) now acknowledge this point and disown the three-stage procedure that...

A stochastic bio-economic model is constructed to analyse the effects of marine reserve ‘switching’ between a ‘no take’ area and a harvested area. The model accounts for both market and non-market values of the fishery. Estimated parameters from the red throat emperor fishery from the...

The northern cod fishery was once one of the world’s largest capture fisheries. Using data from the fishery, this research calculated the economic value of a marine reserve using a stochastic optimal control model with a jump-diffusion process. The analysis shows that, an optimal-sized marine...