The Stern Report seems optimistic about the cost of emissions reductions, and does not seriously face the fact that stabilizing the climate could require keeping much of the world in poverty, according to Rognvaldur Hannesson.

This paper examines the relationship between causality models and cointegration models in testing for price integration and the Law of One Price (LOP). In our review, we show that cointegration models, which allow for nonstationarity in prices, are a natural extension of the traditional...

In this paper, we investigate the suppliers' allocation decisions between different product forms and markets using supply equations derived from a translog revenue function. This is of interest based on the hypothesis that fish processors and importers respond to changes in relative prices,...

The catch of cod in Norway is processed into a variety of final products, most of which are exported. The main product categories are salted, dried and frozen products. Most processors have some choice as to which type of product to produce. Our hypothesis is that the choice of product type is...

Individual transferable quotas (ITQs) are primarily tools to achieve economic efficiency and do not amount to ownership of fish stocks. The 200 mile exclusive economic zone (EEZ) went a long way to establish national jurisdiction over fish stocks, and without this ITQs would not have been...

Abstract It is pervasively argued that the equilibrium outcome for an open-access fishery in which harvesting cost is inversely related to fish stock is inefficient, with complete dissipation of within-season rents. However, some argue instead that within-season rents are maximised. Conditions...