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  • Stock and (possibly) path dependent technologies

    Creator:
    Arnason, Ragnar and Willmann, Rolf
    Abstract:
    According to conventional economic wisdom the economically more efficient technology will always outcompete the less efficient. This hypothesis has usually been taken to hold for the exploitation of common pool renewable natural resources such as fish stocks. This paper claims that, while this is not necessarily false, it may be...
    Resource Type:
    Research Paper
    Full Text:
    switch in fisheries, inefficient technology use INTRODUCTION Economic theorists like to talk about