The expansion of fishing capacity is one of the most pressing problems facing many fisheries around the world. Excess capacity arises when a high number of vessels enter the fishery, and these vessels are
employed to exploit the available fish stocks beyond a target level of yield. The lack or...
Most trade literature is concerned with gains from free trade under the assumption that traded goods are produced under complete property rights. Seldom have researchers examined the consequences of free trade in the presence of incomplete property rights over renewable natural resources. In this paper, we explore these consequences. In...