In the game theory literature, Garrett Hardin's famous allegory of the tragedy of the commons has been modeled as a variant of the Prisoner's Dilemma, labeled the Herder Problem (or, sometimes, the Commons Dilemma). This brief paper argues that important differences in the institutional...

We examine a model in which two firms strategically compete in a duopolistic product market. Firms produce a homogenous product and face stochastic industry demand. Each firm has a single option either to expand or contract capacity, and hence output. In this setup we analyze the risk...

Taking into consideration the changes in the rules for the price support for agricultural and sea products, it seems appropriate to find out what other means could be used to cover the price risk in order to protect the commercial margin of these sectors of activity. The use of derivatives tools...

With contributions by David Campbell, Chris Carter, Barry Gamble, John Hibbs, Bob Lee, John Meadowcroft, Julian Morris, Richard D. North, Sean Rickard, Aileen Stockdale amp; Paul Withrington.The book charts the development of the new rural economy and considers whether government policy has kept...

This paper examines how rotation arrangement between two groups of Japanese fishers with different institutional arrangements affects fishing behaviour and economic outcomes in a particular economic environment characterised by price discrimination and product durability. In one group, fishers...

Introducing a futures market for fishing rights would increase utility for risk averse fishermen. We use the EV model to analyze possible reductions in (expected) profits for futures trading that would make fishermen indifferent between the situation with and without futures markets. It is found...

This article examines the reasons for the decline of Idaho's salmon runs, analyzes several ineffective past attempts at restoration, and evaluates a number of remaining options to prevent extinction of Idaho salmon. The article explains how and why, over a half-century, Idaho salmon have had...

The global management of whale species, identified as an economic mixed good, is addressed by means of economic theory of bargaining and institution making. I will analyse (i) why it is important to take into account explicitly both (consumptive) use and non-use values within international...

Nineteenth century treaties promised Pacific Northwest Indian tribes the right of taking fish in common with the citizens... The meaning of those ten words has produced numerous court decsions in the ensuing century-and-a-half, including a half-dozen from the U.S. Supreme Court. This article...

Recreational fishing in Long Island Sound has been thriving since 1998 and the proportion of recreational and sports fishing has steadily increased over two decades. It interrelates with the regional tourism and recreational sectors as well as its integration of sustainable coastal development...