Li, Chuan-Zhong; Löfgren, Karl-Gustaf; Weitzman, Martin - In: Environmental & Resource Economics 18 (2001) 4, pp. 355-366
The point of departure for this paper is the familiar prototype fisheriesmodel where a fictitious sole owner harvests a fish population to maximizepresent discounted profits. The paper answers analytically the followingquestion. ``What happens to a policy when the sole owner also...