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The Microeconomic Foundations of Renewable Resource Models

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Abstract
  • Stronger microeconomic foundations to dynamic renewable resource models lead to rethinking the commons problem. Specifications of technology consistent with microeconomics allow reinterpretating the market failure under open access for common resources, the dynamic economic optimum, and global commons issues in general. The market failure is broader and deeper than previously understood, both open access and optimum resource stocks vary considerably from conventional wisdom and can be difficult to distinguish between, both optimum and open access steady-state equilibriums may be absent, and different microeconomic specifications can lead to strikingly different results. Better understanding this commons problem and how to analyze it consistent with microeconomic principles in turn opens up its reinterpretation and policies by which to address it. Even fully structured property rights are insufficient to solve the commons problem. An empirical example illustrates the effects of alternative microeconomic specifications upon optimum renewable resource management.
  • Keywords: Modeling and Economic Theory, Fisheries Modelling: Micro Foundations and Applications, Fisheries Economics
  • Keywords: Modeling and Economic Theory, Fisheries Modelling: Micro Foundations and Applications, Fisheries Economics
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  • Squiers, Dale and N. Vestergaard. 2014. The Microeconomic Foundations of Renewable Resource Models. In: Towards ecosystem based management of fisheries: what role can economics play?: Proceedings of the Seventeenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 7-11, 2014, Brisbane, Australia. Complied by Ann L. Shriver & Melissa Errend. Corvallis, OR: International Institute of Fisheries.
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  • Fisheries Research & Development Corporation, World Wildlife Fund, MG Kailis Group, AquaFish Innovation Lab, NOAA Fisheries, The European Association of Fisheries Economists, Japan International Fisheries Research Society, United Nations University, NORAD
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