Individuals extracting common-pool resources in the field sometimes form output-sharing groups to avoid costs of crowding. In theory, if the right number of groups forms, Nash equilibrium aggregate effort should fall to the socially optimal level. Whether individuals manage to form the efficient...

We present a continuous, nonlinear, stochastic and dynamic model for capital investment in the exploitation of a renewable resource. Both the resource stock and capital stock are treated as state variables. The resource owner controls fishing effort and the investment rate in an optimal way....

This article develops and implements a Real Options approach to value renewable natural resources in the case of Marine Fisheries. The model includes two sources of uncertainty: the resource biomass and the price of fish, and it can be used by fisheries to optimally adapt their harvesting...

We consider a common-pool renewable resource differential game. We show that within this dynamic oligopolistic framework, free trade may lead to a lower discounted sum of consumer surplus and of social welfare than autarky. Trade restrictions may be supported based on both resource conservation...

It is known that the Black-Scholes model can be well approximated by lattice models such as the Cox-Ross-Rubinstein (CRR) model in Cox, Ross, and Rubinstein (1979). The orders of convergence of several lattice models have been shown in Leisen and Reimer (1996). In this study, we consider a...

This paper considers the problem of a water management authority faced with the threat of a drought that hits at an uncertain date. Three management policies are investigated: i) a laissez-faire (open-access) policy of automatic adjustment through a zero marginal private net benefit condition,...

The Katunggan It Ibajay (KII) Eco-Park (44.22 ha-1) in Bugtongbato, Ibajay, Aklan, Philippines was selected in this study to determine the species diversity and to quantify the soil carbon sequestration potential of mangrove species. In identifying and recording the trees in the area, five (5)...

Using the popular Schwartz 97 two-factor approach, we study future contracts written on fresh farmed salmon, which have been actively traded at the Fish Pool Market in Norway since 2006. This approach features a stochastic convenience yield for the salmon spot price. We connect this approach...

This Article posits that in its role as the lead agency among the United States' natural resources trustees, the National Oceanic & Atmospheric Administration's piecemeal assessment of natural resources damages, i.e., valuing one dead bird at a time or the death of just a tract of marsh, fails...

The study area is located in western Pacific Ocean, Mariana Trench. The aim of the data analysis is to analyze the potential influence of how various geological and tectonic factors may affect the geomorphological shape of the Mariana Trench. Statistical analysis of the data set in marine...