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We develop and analyze the properties of a new type of discrete choice model which jointly estimates the expected value of catch and location choice. This model implicitly monetizes location choices and can be used to predict costs and effort redistribution of creating marine protected areas or...
We study the management of ecosystems in which interacting state variables that are affected by management decisions diffuse in space. We study pattern formation first in a setting where economic agents maximize myopic profits and ignore spillovers onto agents at other sites, and second in the...
The remarkable growth of the global salmon aquaculture industry has generated important implications for Alaskan salmon fisheries as increased supplies of farmed product have led to declines in prices of both farmed and wild species. In the particular case of Bristol Bay sockeye salmon, falling...
It is common wisdom that open-access leads to the inefficient use of resources and private ownership of resources improves efficiency. However, the impact of enclosure and efficient management of some resource pools on other open-access resource pools is poorly recognized. The problem is common...
In this paper, we examine the stock market reaction to industrial disasters. We consider an original sample of 64 explosions in chemical plants and refineries worldwide over the period 1990–2005. A quarter of the accidents resulted in a toxic release, and half of them caused at least one death...
This paper sheds new light on the determination of environmental tax policies in majoritarian federal electoral systems, such as the U.S., and derives implications for the environmental federalism debate on whether the national or local government should have authority over environmental taxes....
We consider the strategic role of uncertainty and information acquisition for the mitigation of global warming. Before the countries decide on their contribution to a mitigation of global warming, they may invest in information about the country-specific benefit of reductions of the emissions of...
Weitzman (1) showed that when future interest rates are uncertain, using the expected net present value implies a term structure of discount rates that is decreasing to the smallest possible interest rate. On the contrary, using the expected net future value criteria implies an increasing term...
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