the financing of social housing in integrating financial markets a view from developing countries the housing sector is the last major sector of the national economy for which analytical foundations for economic and financial policy evaluation have developed however the application of this analytical framework to international comparisons of housing policies or the evaluation of housing finance systems still lags considerably behind the strong foundations laid over the years for trade finance or industry policy analyses none the less the era when improvisation and fragmented policy making in housing and housing finance could be excused is well past today there is a deep and expanding body of basic research and policy analysis that can be shared for the design of housing policies and housing finance institutions whether it is in the european union or developing countries obviously social and economic contexts as well as wealth levels differ greatly common analytical foundations can lead to very different prescriptions in countries where macroeconomic and financial policies financial infrastr

stochastic production and heterogeneous risk preferences commercial fishers gear choices we present a model of fishers gear choice which allows for heterogeneity both in production technology and risk preferences and apply it on a panel of swedish trawlers stochastic revenue functions are estimated and used to predict the mean and standard deviation of revenue for each trip in a random parameters logit model we test if these predicted values explain gear choice a majority of fishers respond positively to increased mean and negatively to increased variability of expected landing values indicating risk aversion but also show a strong tendency to choose the same gear used on the previous trip

an inverse demand system for new england groundfish welfare analysis of the transition to catch share management the welfare effects of the 2010 transition from days at sea to catch share management in the northeast u s groundfish fishery are examined by combining a model of groundfish demand with a simulation based model of supply counterfactual supply is constructed based on the days at sea system that was recalibrated to meet mandated conservation goals due to the decreases in catch that were required to meet those goals the 2010 policy undoubtedly resulted in worse outcomes for both producers and consumers compared to 2009 however the conservation equivalent days at sea system would have been far worse for both consumers and producers copyright 2013 oxford university press

optimal harvest in an age structured model with different fishing selectivity an age structured model of a fishery is studied where two fishing fleets or fishing agents are targeting two different mature age classes of the fish stock the agents are using different fishing gear with different fishing selectivity the model includes young and old mature fish that can be harvested in addition to an age class of immature fish the paper describes the optimal harvesting policy under different assumptions on the objectives of the social planner and on fishing selectivity first biomass yield is maximized under perfect fishing selectivity second equilibrium profit rent is maximized under perfect fishing selectivity and third equilibrium profit is maximized under imperfect fishing selectivity the paper provides results that differ significantly from the standard lumped parameter also surplus production or biomass model

on the optimal order of natural resource use when the capacity of the inexhaustible substitute is limited consider a general equilibrium framework where the marginal cost of extraction from several deposits of an exhaustible resource is constant in terms of an inexhaustible perfect substitute and differs between deposits the instantaneous rate of production form the inexhaustible resource is subject to a capacity constraint

seasonal harvest patterns in multispecies fisheries fishers face multidimensional decisions when to fish what species to target and how much gear to deploy most bioeconomic models assume single species fisheries with perfectly elastic demand and focus on inter seasonal dynamics in real world fisheries vessels hold quotas for multiple species with heterogeneous biological and or market conditions that vary intra seasonally we analyze within season behavior in multispecies fisheries with individual fishing quotas accounting for stock aggregations capacity constraints and downward sloping demand numerical results demonstrate variation in harvest patterns we specifically find 1 harvests for species with downward sloping demand tend to spread out 2 spreading harvest of a high value species can cause lower value species to be harvested earlier in the season and 3 harvest can be unresponsive or even respond negatively to biological aggregation when fishers balance incentives in multispecies settings we test these using panel data from the norwegian multispecies groundfish fishery and find evidence for all three we extend the numerical model to account for transitions to management with individual fishing quotas in multispecies fisheries we show that under some circumstances fishing seasons could contract or spread out

location choice in new england trawl fisheries old habits die hard in his seminal work on common property resources h scott gordon proposed that in a fishery with multiple grounds effort would be distributed such that profit rates would be equal among them gordon s model relies on implicit assumptions that are inaccurate and lead to false conclusions in many cases in this paper we present an empirically estimated model of fishery and location choice for large trawlers in new england using a random utility framework with a nested logit model specification we use the model to test the validity of a behavioral model developed from ethnographic interviews with skippers

optimal feedback controls comparative evaluation of the cod fisheries in denmark iceland and norway the economic efficiencies of the danish icelandic and norwegian cod fisheries are examined for this purpose nonlinear aggregate models of these fisheries are constructed comparing the calculated optimal harvest and biomass quantities with the actual fisheries provides a measure of the degree of efficiency in these fisheries the comparisons confirm that the cod harvesting policies of these countries have been hugely inefficient in the past it appears that inefficiency has been increasing over the last three to four decades even after tac regulations replaced open access indicating that the management policies adopted by all three countries have failed to cure overfishing the primary purpose of this article is to compare the relative efficiency of past fish harvesting strategies in iceland norway and denmark by the term harvesting policy we mean the harvesting volume each year so efficiency here merely refers to appropriateness of the annual harvesting volumes it does not in particular refer to the relative efficiency of the fishing industries in the three countries we know that maximizing net revenue has not been an objective in any of these fisheries experience shows that the management regimes that were in place for most of the period were highly inefficient and should be expected to produce poor economic results the mere fact that these stocks feature biomass levels far below the maximum sustainable yield level strongly suggests inefficient policies iceland norway and denmark are all major fishing nations harvesting a number of fish species we have chosen to concentrate on cod fishing as this is the single most important fishragnar arnason is professor faculty of economics and business

private property and economic efficiency a study of a common pool resource abstract the british columbia halibut fishery provides a natural experiment of the effects of privatizing the commons using firm level data from the fishery 2 years before private harvesting rights were introduced the year they were implemented and 3 years afterward a stochastic frontier is estimated to test for changes in technical allocative and economic efficiency the study indicates that 1 the short run efficiency gains from privatization may take several years to materialize and can be compromised by restrictions on transferability duration and divisibility of the property right 2 substantial long run gains in efficiency can be jeopardized by preexisting regulations and the bundling of the property right to the capital stock and 3 the gains from privatization are not just in terms of cost efficiency but include important benefits in revenue and product form

searching for price parity in the european whitefish market the purpose of this paper is to test for price parity across different species of whitefish in the european union price parity is defined by a system of cointegrated prices and would be evidence of a single european market for whitefish whitefish are of interest because eu fishers receive the largest share of their income from these fish species notwithstanding the single market policy of the eu by establishing national and regional associations to stabilize or increase the local price of fish fishers operate as if the european market is made up of separate submarkets with price being determined largely within each submarket if whitefish markets were price cointegrated such associations would be largely ineffective in that case what are required are regulations that encompass the european market

intrinsic fish characteristics and intraseason production efficiency a management level bioeconomic analysis of a commercial fishery biological changes in pacific whiting merluccius productus and corresponding production yields were used to model a vertically integrated fishery from harvest through processing the seasonal bioeconomic programming model incorporated stock dynamics with the interactive economic effects of intrinsic fish quality the harvest schedule and quota allocation between heterogeneous user groups the optimal management plan would maximize discounted net industry revenues npv given a minimum spawning biomass npv was maximized when the intraseason timing of harvest coincided with the seasonal improvement in fish quality e g following spawning and or migration npv was only marginally affected however by the quota allocation between groups

allocatable fixed inputs and jointness in agricultural production implications for economic modeling allocatable fixed inputs such as land are a potentially important source of jointness in agriculture as with other causes of jointness they necessitate multiple product systems for modeling product supply and input demand in other important ways however their analytical implications are very different from other causes of jointness model specification differs demand functions for the quantities of each input used in the production of individual commodities can be derived if a primal approach is used but such allocation equations cannot in general be identified from a dual specification available allocation data are not even useful in such dual estimations

dissecting the tragedy a spatial model of behavior in the commons abstract much of the discussion of the tragedy of the commons focuses on aggregate impacts often in data poor developing country settings few non experimental empirical studies shed light on contextual circumstances driving the extent of rent dissipation and overexploitation we utilize a high resolution data set to estimate a behavioral model of fishermen s spatial choices a unique policy setting allows us to measure the degree to which individual fishermen s choices appear aimed at mitigating the tragedy of the commons in a small numbers setting we find evidence of partial mitigation in excess of what we would expect under pure self interest but short of what would occur under group maximizing behavior we also examine how contextual factors in the fishery shape the degree of cooperation within the fishing season and find evidence that competition for the common pool resource distorts fishermen s implicit cost of distance creating a form of common property inertia

hidden flexibility institutions incentives and the margins of selectivity in fishing the degree to which selectivity in fisheries is malleable to changes in incentive structures is critical for policy design we examine data for a multispecies trawl fishery before and after a transition from management under common pool quotas to a fishery cooperative and note a substantial shift in postcooperative catch from bycatch and toward valuable target species we examine the margins used to affect catch composition finding that large and fine scale spatial decision making and avoidance of night fishing were critical we argue that the poor incentives for selectivity in many systems may obscure significant flexibility in multispecies production technologies

tax on name abstract how to tax the name we answer this question by introducing a name market in the sense of tadelis 1999 into an endogenous growth model in which an informational asymmetry exists between capital producing borrowers and lenders we show a name market endogenously arises to screen the borrowers but at the cost of crowding out investment we derive the optimal name price that trades off the screening effect and the crowding out effect and show this optimal price decreases with the investor protection level an optimal tax scheme should tax the name to this optimal price and reimburse the tax revenue to the name buyer when the investor protection level is low the net worth could be lower than the optimal name price so capital income tax shall be allowed to subsidy the name purchase to activate the name market overall we show the optimal tax scheme in the presence of a name market depends crucially on the country s investor protection level

production quota in multiproduct pacific fisheries abstract assessing the individual firm s technology and costs in a multispecies fishery allows design of a more effective output quota prior to regulation by anticipating and controlling for the firm s regulation induced responses an empirical study of a pacific coast trawl fishery indicates that the firm s flexibility of product decision is tightly constrained by its technology and cost structure hence as the resource stock for the regulated species sablefish deteriorates and the trip quota progressively tightens the firm cannot sufficiently reorganize its product bundle to preclude increasingly large sablefish disposal this defeats the purpose of the production quota

a model of regulated open access resource use abstract this paper develops a model of regulated open access resource exploitation the regulatory model assumes that regulators are goal oriented choosing target harvest levels according to a safe stock concept these harvest quotas are implemented by setting season lengths conditioned on the industry fishing capacity the industry enters until rents are dissipated conditioned on season length regulations harvest levels fishing capacity season length and biomass are determined jointly using parameter estimates from the long regulated north pacific halibut fishery predictions of these variables from the regulated open access model are compared to predictions that arise from the gordon model

technological change and the tragedy of the commons the lofoten fishery over 130 years we analyze the effect of technological change on labor and total factor productivity in the lofoten fishery using detailed data for 130 years our findings support the important role of natural resources in productivity and improvements in welfare in natural resource based industries the total factor productivity has risen faster than labor productivity in the fishery indicating that the considerable technological progress in this industry has to some extent been neutralized by the decline in the fish stock open access to the fish resource most probably led to this situation

long run profit functions for multiproduct firms a long run specification of the multiproduct profit function is developed from the restricted profit function the multiproduct restricted profit function and the envelope condition are used to estimate the optimal long run levels of the quasi fixed factor formulas for long run marshallian elasticities of substitution and transformation economies of scope product specific and overall economies of scale and economic measures of capacity utilization are developed for the translog functional form the methodology is illustrated by a case study of the new england otter trawl industry

markets and rent dissipation in regulated open access fisheries abstract using a model of regulated open access resource use with markets we illustrate the potential complexity of interactions between markets product quality excess effort and regulatory behavior in fisheries our model assumes two product types one of which is processed and storable the model describes the equilibrium that results when effort responds to open access incentives and when regulators respond to effort growth by mitigating its potential harmful effects on biomass safety we use numerical simulations to demonstrate a mechanism by which market growth leads to the diversion of raw inputs into the inherently inferior market the result is a scenario in which rents are dissipated not only because excessive inputs raise costs but also because inferior product types reduce revenues we conclude with an illustrative decomposition of rent gains into revenue and cost savings gains from rationalizing a hypothetical fishery demonstrating the potential significance of market side rents

the dynamic efficiency costs of common pool resource exploitation we conduct the first empirical investigation of common pool resource users dynamic and strategic behavior at the micro level using real world data fishermen s strategies in a fully dynamic game account for latent resource dynamics and other players actions revealing the profit structure of the fishery we compare the fishermen s actual and socially optimal exploitation paths under a time specific vessel allocation policy and find a sizable dynamic externality individual fishermen respond to other users by exerting effort above the optimal level early in the season congestion is costly instantaneously but is beneficial in the long run because it partially offsets dynamic inefficiencies jel d24 q21 q22

adjustment cost and supply response in a fishery a dynamic revenue function in industries where firms can adjust product mix in response to price changes the process can be delayed by adjustment costs an example is fishermen who change fishing grounds to target different species if adjustment costs are sufficiently large this may hamper the fishermen s response so that regulatory tools that are not efficient in the long run are useful in the short run moreover adjustment costs can influence the choice of species targeted in this paper dynamic supply equations are specified using a revenue function approach different hypotheses about the dynamics of the supply equations are tested for norwegian trawlers

resource rent in individual quota fisheries traditional fisheries management schemes generate incentives for vessels to maximize catch resulting in rent dissipation and overcapacity individual vessel quota management schemes change the incentives to maximize profit and have the potential to generate resource rent and reduce capacity an interesting question is whether it is the changed incentives due to individual quota or the capacity reduction due to transferability of individual quota that is most important in generating rent in this study a cost function approach is used to model and measure rent generated and potential rent in a fishery managed with individual vessel quotas