This paper discusses the use of options as a tool to retrieve valuable information on the value and level of risk associated with owning a share in a stock of renewable resource. The objective is to show how theory on options trading can be used to obtain information on the...
The World Trade Organization (WTO) is among those institutions that advocate free trade in goods, service and capital
among nations. This view is not shared universally, however, especially when there are important natural resource, environmental and
labor issues at stake. In fact, some countries discourage the exportation of natural resource...
A two stage game is analyzed in which citizens who own mobile factors of production also vote for domestic
environmental policies. It is shown that individuals have an incentive to cross-haul polluting factors across jurisdictions
when direct controls are used to regulate emissions, that this cross-hauling can induce a ratcheting...
This paper examines the impacts of tightening environmental regulations on optimal trade and investment
policies. We find that for a small open two-sector economy with an importable sector relying on foreign capital while
emitting pollution, a more stringent environmental measure leads to a higher optimal tariff and possibly a higher...
The increasing demand for shark fins in Asia and the shark s life history pattern of slow growth, late maturity, and
few offspring, have generated concerns regarding the sustainability of shark resources. Despite this concern, little effort has
been spent on understanding the markets for shark fin products and the...
Selecting ‘optimal’ strategies to manage Oregon ocean shrimp is challenged by uncertain and variable natural mortality,
recruitment, and growth. Fishery management is focused on measures to prevent long-term biological damage to the stock,
to protect age-1 shrimp from overharvest and to sustain long term fishery benefits. Developing harvest strategies such...
Due to declines in stocks, restrictive management plans, and imports of whole groundfish from Canada, the supply
of whole fresh Atlantic groundfish to New England processing plants (landings plus whole fresh imports) declined by 75%
since its peak in 1983. These reductions in supply of Atlantic groundfish put severe pressure...
Individual Vessel Quota (IVQ) management provides geoduck harvesters in British Columbia with a greater stake in
the fishery, by enhancing certainty of harvest access to the fishery. IVQ management has encouraged harvesters to become more
interested in the economic and environmental sustainability of the fishery and less in developing strategies...
The intermediate market for raw fish is characterized by time and space considerations that create significant
quasi-rents between the fisher and the initial processor(s) approached to complete an exchange. This “temporal specificity”
is more pronounced the fewer the number of alternative potential buyers, the more perishable the catch and the...
The US North Atlantic bluefin tuna (Thunnus thynnus) fishery is one of the most controversial cases of renewable
resource exploitation. Public management of this resource has resulted in substantial public debate. Bluefin tuna is also
considered a culture-specific product, as it is almost exclusively consumed uncooked in Japan. Bluefin tuna...