fishery socioeconomics a survey fisheries management is constantly confronted and sometimes confounded by the complexities of real world fishery systems two major sources of such complexities are 1 the many conflicting goals and objectives faced by fishery managers and 2 the wide variety of socioeconomic factors which impact on the validity and effectiveness of regulatory instruments amongst the considerations lying within this fishery socioeconomics framework are distributional issues labor market structure social and opportunity costs fishing community dynamics and fishermen decisionmaking processes andersen 1978 fao 1985 fricke 1985 germa 1986 panayotou 1982 pollnac and sutinen 1979 while their importance is widely recognized little consensus exists regarding the manner in which such topics can best be incorporated into economic analyses and into fishery management decisions this paper reviews relevant literature on fishery socioeconomics addressing the questions what contribution can multi objective socioeconomic analysis play in fisheries economics and in practical fisheries management what insights can be obtained from existing socioeconomic research what specific questions need to be emphasized in future research an attempt is made to consolidate the research in this diverse area which has tended to develop somewhat independently from traditional resource economics theory and which has some clear connections to the ideas of institutional economics see e g wilson 1986 the paper is organized as follows section i explores the wide variety of objectives such as employment distributional concerns and rent generation which often play a practical role in real world fisheries whether or not they are expressed explicitly in fishery policy statements section ii reviews theoretical and empirical studies of income distribution wh le ection iii presents a broad examination of literature dealing with socioeconomic aspects of fishery management this involves both critiques of common management methods such as regulated property rights and limited entry schemes and examinations of alternative approaches such as cooperatives informal contracting and community property rights this leads into an exploration in sections iv and v of the social and opportunity costs for labor in fisheries and of related themes involving fishery labor markets the determinants of labor supply and the key issue of labor mobility section vi presents an overview of the literature concerned with fishermen and fishing community decision processes and behavioral dynamics the discussion is broadened in section vii to review data requirements in socioeconomic analysis and to provide perspectives on future priorities for research in fishery socioeconomics finally the paper ends in section viii with some general conclusions and some thoughts on the diffi ulties that have been faced in integrating socioeconomic research into economic analyses

the new frontier of american fisheries governance abstract throughout its history america has viewed its oceans as vast fishery frontiers these frontiers are suffering depletion as large amounts of fishing power combined with significant oceanographic changes are straining the limits of sustainability the new ocean frontier is not the promise of undeveloped resources but rather the challenge of undeveloped sustainable governance systems this paper discusses the institutional transformation necessary to achieve sustainable governance the first part provides an historical overview of the american use of resources as frontiers the second part characterizes the frontier as an extreme form of resource use contrasting it to its opposite ideal the commons the third part outlines behavioral differences between the users of frontiers and commons the pioneers and shareholders building on the attributes of resource management under the two ideals the fourth part of the discussion focuses on the necessary conditions and major challenges to developing the institutional capital required for sustainable us fishery management the institutional capital needed for sustainable fisheries governance is comprised of several pieces 1 a perception of the fishery as an integrated ecosystem 2 an identification of shareholders 3 an allocation of decision making power and responsibility which vests all interests and internalizes the source of control 4 incentive structures to promote long term management 5 management skills among fishery interests 6 management processes that promote adaptability to change the final section provides conclusions and an assessment of the progress us fishery management has made in institutional capital development pressures of scarcity are forcing us fisheries management to evolve away from the frontier ideal but the development of the institutional capital necessary for sustainable fishery governance is incomplete

an r d race with knowledge accumulation i develop a model of an r d race with knowledge accumulation my model does not inherit the memorylessness property of the exponential distribution that troubles existing models of r d races hence firms knowledge stocks are no longer irrelevant to their behavior during the r d race and knowledge accumulation has strategic implications in this more general setting i obtain results that stand in marked contrast to the previous literature in particular under some conditions the firm that is behind in the race engages in catch up behavior this pattern of strategic interactions action reaction is consistent with empirical research copyright 2003 by the rand corporation

buyer collusion and efficiency of government intervention in wheat markets in northern india an asymmetric structural auctions analysis this paper uses auction theory to analyze wholesale markets for wheat in northern india this approach enables us not only to characterize the market in terms of buyer asymmetries but also to detect the existence of collusion and to quantify its impact on market prices we show that buyer asymmetries exacerbate the downward impact of collusion on prices the paper also demonstrates the use of auction theory to analyze questions of government efficiency it considers whether the government paid too much for the wheat it procured at the minimum support price and shows that for our sample it did not the paper is based on a primary survey of two wholesale markets in north india

optimal harvesting of an age structured schooling fishery biologists have criticized traditional biomass models in fishery economics for being oversimplified biological stock assessment models are more sophisticated with regard to biological content but rarely account for economic objectives this study includes a full age structured population model for studying schooling fisheries and extends the delayed difference approach used in earlier studies we take the total harvest as the choice variable resulting in a simple analytical structure the model produces optimal steady states that may be higher or lower compared to the delayed difference formulation the model is applied to the baltic sprat fishery both ecological and harvesting cost data support specifying baltic sprat as a schooling fishery given nonlinear harvesting costs the optimal solution is a path toward a steady state with smooth annual harvest and population age structure sensitivity analysis shows that the optimal solution is highly dependent on the population level of the sprat s main predator baltic cod a linear cost function and an interest rate below 9 imply pulse fishing instead of smooth continuous harvesting given nonlinear harvesting cost the optimal steady state yield is rather insensitive to changes in the interest rate however under a high cod scenario interest rates of 10 or higher implies that no optimal steady state exists

market related reforms and increased energy efficiency in transition countries empirical evidence energy efficiency improvement is a desirable response to growing climate change and security of energy supply concerns this article studies the impacts of a varied set of macro level market oriented reforms as well as structural change on economy wide measure of energy efficiency across a group of the transition countries these countries experienced a rapid marketization process which since the early 1990s transformed their economies from central planning towards market driven models we use a bias corrected fixed effect analysis technique to estimate this effect for the period 1990 to 2010 the results suggest that reforms aimed at market liberalization financial sector and most infrastructure industries drove energy efficiency improvements we find significant differences in improvements in energy efficiency between transitional central european and baltic states south east europe ones and the commonwealth of independent states the reasons for these differences are also discussed

racing with uncertainty and strategic interaction between competitors as the race unfolds most of the existing literature examines one or other of these features but not the two combined our aim is to see how the efforts of competitors in a race vary with the intensity of rivalry between them in our principal model whch is of a one dimensional race it is shown that the leader in the race makes greater efforts than the follower and efforts increase as the gap between competitors decreases under certain conditions the same results hold in our second related model which is of a two dimensional race

patent races and the persistence of monopoly patent races are important determinants of market structure for a new firm a patent can be an entry ticket into the market for an incumbent firm already in the market patents for related technologies can ensure that no new firm enters in this spirit recent work has explored the implications of patenting for the persistence of monopoly see for example dasgupta i982 gilbert i98i gilbert and newbery i982 much attention has been given to pre emptive patenting the strategic acquisition of patents by an incumbent firm solely to prevent potential rivals from entering the market in this context it is important to distinguish between two kinds of patent race a standard race is a competition in which a prize is awarded to the first player to reach the finishing line an asymmetrical race is a competition in which one player loses something of value if one of his rivals reaches the finishing line he is content if nobody wins but a prize is won by the first of the other players to reach the finishing line if any of them does so a patent race in which an incumbent firm s sole concern is to prevent potential rivals from entering his market is an asymmetrical race and not a standard race the distinction between the two kinds of race can be captured only in models with a sufficiently rich dynamic structure this and other advantages of a properly dynamic model are explained in section ii a model of an asymmetrical race with two firms is presented in section iii in this model the challenger wins a prize and the incumbent loses a prize if the challenger is first to reach the finishing line it is shown that the challenger is often automatically deterred from making any effort to win the race because the strategic interactions between the players are such that the incumbent would outdo any reasonable effort made by the challenger in order to stop the challenger being first to reach the finishing line then the incumbent has no need to make any effort in the race in order to maintain his existing monopoly the reason is that the incumbent unlike the challenger does not need to go all the way to the finishing line to achieve his objective on the other hand it may be truedepending on the parameters describing the firmsthat the challenger wins the patent proceeding to the finishing line just as if he were the only contender for the patent of particular interest is the case in which the firms are identical

a model of the evolution of duopoly does the asymmetry between firms tend to increase or decrease this paper is an attempt to identify some of the factors that affect the evolution of market structure in a model of dynamic competition between two firms the stochastic evolution of the state of competition depends on the respective effort rates of the firms the question is whether the current leader works harder than the laggard does the gap between firms tend to increase or decrease we show that several effects are at work the state tends to evolve in the direction where joint payoffs are greater since joint payoffs are related to joint product market profits less joint effort costs there are two classes of effect the joint profit effect and various joint cost effects the latter result in part from the pattern of profits and in part from endpoint effects that give relief from efforts asymptotic expansions illuminate these influences moreover we show by numerical simulation that there is another kind of joint cost effect the pattern of joint effort costs can influence the pattern of evolution of market structure and the evolution of the pattern of market structure can influence the pattern of efforts in a mutually self reinforcing manner in particular there may be equilibria in which this last effect means that the laggard works harder than the leader even though all the other effects work in favour of the leader

generating enhanced fishery rents by internalizing product quality characteristics this paper demonstrates howadditional rents are generated in a fisherycharacterized by intraseasonal variation infish characteristics including size condition and composition based on anexpanded conceptual model of the optimalharvest rule fish characteristics affect preand post harvest production yields and outputprices a dynamic empirical model which uses asystem of quality characteristics and anhedonic equation illustrates the complexrelationships and management choices associatedwith internalizing seafood qualitycharacteristics in a hake fishery the modelretains the regulated open access managementsystem but controls intertemporal andintersectoral quotas production portfolios and total allowable catch results demonstratethat including revenue side effects frominternalizing fish quality can generatesignificantly greater rents and reduce therelative benefits of increased productionyields if excluded bioeconomic models canunderestimate the level of regulatory rentdissipation and overemphasize managementobjectives such as full utilization whichcould misdirect processing decisions and resultin a suboptimal resource management plan implications for data collection multidisciplinary analysis and improvements inmarine resource management are discussed

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

a perpetual race to stay ahead this paper presents a model of dynamic competition between two firms that repeatedly engage in an innovative activity the state of competition measured by the difference between the number of innovations introduced by the firms evolves stochastically according to their effort level the structure of markov perfect equilibria is identified it is generally not true that competition is fiercest when firms are closest rather firms invest under two distinct circumstances while sufficiently ahead to outstrip their rival and secure a durable leadership while behind to regain leadership and prevent the situation from worsening to the point where their rival outstrips them industry such a market structure cannot be adequately modelled by a repeated game since history obviously affects market opportunities more precisely previous outcomes determine the range of available actions and pay offs economists have thus resorted to the study of races to gain insights into the strategic issues raised by such competition with the notable exceptions of aoki 1991 harris 1991 and budd harris and vickers 1993 most of the literature has analysed formal races displaying exogenous finishing lines or deadlines as well as final prizes and rewards and the corresponding results rely on backward induction however such assumptions do not seem to capture accurately the essential features of many markets often the rivalry only ends if at all when one of the competitors withdraws so that the deadline should be endogenized moreover benefits and losses are continuously collected additionally the emerging empirical literature on races stresses the inadequacy of standard models and the need to model r d as a race with multiple prizes in the words of cockburn and henderson 1994 our finding that the modern game theoretic literature is of only limited usefulness as an empirical guide points to the need to model r d as a race with multiple prizes the model analysed in this paper is an attempt to offer an adequate framework for this type of dynamic competition the stochastic evolution of the state of competition between two firms depends on their respective effort levels the state of competition is measured by the

pricing of eco labels with retailer heterogeneity abstract eco labels are important features of many natural resource and food markets they certify that a product has some desirable unobserved quality typically related to a public good such as being sustainably produced two issues that have received limited attention are whether pricing varies across different eco labels that may compete with each other and to what extent different retailers charge different prices using a unique data set of salmon prices in eight different united kingdom retail chains we investigate these issues by estimating a price attribute model that includes two eco labels and one country of origin label results show substantial variation in the prices of the different eco labels and that eco label premiums vary across retail chains specifically salmon certified with the marine stewardship council msc label has a high premium in low end retail chains but no statistically significant premium in the high end chains these findings question the ability of the msc label to transmit consumer willingness to pay for public goods through the supply chain to incentivize sustainable management in contrast premiums for organic certification are similar in magnitude across retailer types in general failure to account for retailer heterogeneity will over or under estimate a label s premium

on the choice of funtional form for hedonic price functions this study examines how errors in measuring marginal attribute pric es vary with the form of the hedonic price function in simulations consumers with known utility functions bid for houses with given attributes various forms of the hedonic function are estimated using equilibrium housing prices errors in estimating marginal attribute prices are calculated by comparing each consumer s equilibrium marginal bid vector with the gradient of the hedonic function when all attributes are observed linear and quadratic box cox forms produce lowest mean percentage errors however when some attributes are unobserved or are replaced by proxies linear and linear box cox functions perform best copyright 1988 by mit press

the simple economics of research portfolios this article identifies biases in market portfolios of parallel research projects arising from the noncongruence of social goals and private aspirations occasioned by those circumstances where the market rewards only the winner and where the winner is awarded the entire social surplus it is shown that under risk neutrality this noncongruence implies that t he market encourages the development of too many discoveries too lar ge a spread in the distribution of the quality of discoveries and an excessive occurrence of multiple discoveries copyright 1987 by royal economic society

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

the local effects of an innovation evidence from the french fish market in this paper we investigate the effect on quality quantity and prices of an innovative fishing gear introduced for a subsample of vessels on a single wholesale fish market in france estimations are conducted using transaction data over the 2009 2011 period during which the innovation was introduced using a difference in differences approach around the discontinuity we find that for the treated the innovation has a large effect on quality 29 2 percentage points and prices 23 2 percentage points a shift in caught fish species is observed and new targeted species are fished very intensively we also quantify the treatment effect on the treated market from aggregate market data using factor models and a synthetic control approach we find a sizable effect of the innovation on market quality which is consistent with non treated vessels adapting their fishing practices to remain competitive the innovation has no effect on market quantities and prices

management of a multiple cohort fishery the hard clam in great south bay this paper develops a reasonably general multiple cohort model and derives conditions for optimal harvest and age structure based on a discrete time control problem which maximizes the present value of net revenues subject to recruitment and spawning constraints the model is applied to the hard clam resource in great south bay which is located on long island new york the steady state optimum calls for exclusive harvesting of the younger and more valuable littleneck cohorts leaving the older and less valuable cherrystone and chowder cohorts to specialize in regeneration most of the models employed by economists to characterize renewable resources have presumed that the resource population can be adequately described by a single index or state variable such a view is consistent with much of the classical literature in physical biology where population growth was described using the logistic equation lotka volterra such models may be inadequate however when dealing with a resource where recruitment and fecundity are dependent on the population s age structure or where the revenues and costs of resource exploitation vary with the age at harvest clark biologists have been aware of the importance of age specific attributes and have developed several models to characterize the population dynamics of a single species lewis and leslie independently developed models where the abundance of various

preemptive adoptions of an emerging technology many oligopolies exhibit continuing technological change and lumpy costs of adopting new technologies if firms choose adoption dates in a game of timing and if the downstream market structure is a bertrand duopoly the equilibrium adoption pattern displays rent dissipating increasing dominance i e all adoptions are by the same firm and the discounted value of profits is zero these results need not hold for other market structures including cournot duopoly copyright 1994 by blackwell publishing ltd

hedonic prices for fish tuna prices in hawaii over the past two decades the marketing of fish has recognized the importance of quality yet empirical analysis of market transactions could give us little insight into the value of different qualities of fish because market data are typically aggregated we exploit a dataset on the auction price of tuna sold in hawaii to estimate a hedonic model the model provides empirical estimates of price increments due to species quality of the fish such as size or fat content method of handling and market conditions the empirical results are also used to estimate price flexibilities for landings in hawaii

economic reforms and human development evidence from transition economies do market oriented economic reforms result in higher levels of human well being this article studies the impact of macro level institutional and infrastructure reforms on the economic educational and health dimensions of human well being among 25 transition economies we use panel data econometrics based on the lsdvc technique to analyse the effects of market oriented reforms on the human development index hdi as a measure of human well being from 1992 to 2007 the results show the complexity of reform impacts in transition countries they show that institutional and economic reforms led to positive economic effect and significant impacts on other dimensions of human development we find some positive economic impacts from infrastructure sectors reforms however not every reform measure appears to generate positive impacts large scale privatizations show negative effects in health and economic outcomes the overall results show the importance of the interaction among different reform measures and the combined effect of these on human development

toward a more complete model of individual transferable fishing quotas implications of incorporating the processing sector abstract economic analyses of individual transferable quota itq fisheries management traditionally have focused on the harvesting sector however harvester decisions impact the economic performance of co dependent processing firms this paper incorporates both sectors in an analysis of the effect of itqs on commercial fisheries results show that as a consequence of season elongation under a harvester only allocation of fishing rights capital nonmalleability implies that processor quasi rents will be redistributed to harvesters these losses could promote political gridlock and jeopardize adoption of an itq policy unless they are fully compensated or unless redistribution is avoided by a policy superior initial allocation of rights to both harvesters and processors

sealed bid auction of netherlands mussels statistical analysis this article presents an econometric analysis of the many data on the sealed bid auction that sells mussels in yerseke town the netherlands the goals of this analysis are obtaining insight into the important factors that determine the price of these mussels and quantifying the performance of an individual purchase manager besides a case study the article is a general study on the role of auctions in supply chains and on hedonic price factors

estimating market demand for fresh yam characteristics using contingent valuation implications for crop breeding and production choices this study uses the box cox bc transformations to examine nonlinearity in price modeling and compare results from several functional specifications in hedonic price analysis of yam in togo based on a sample of 6 402 observations on price and produce characteristics generated through a market experiment it is found that the bc quadratic asymmetric specification is the most suitable function several characteristics are valued more than others and prices vary across species time and market sites some residual symptoms of pest and disease damages on yam tubers reduce their market values tuber weight exhibits a diminishing marginal value and price per kilogram decreases above an optimum size therefore producers do not derive additional reward from extra large tubers we conclude that to effectively access and benefit from urban markets producers should focus on small size low weight and conical shaped tubers which are easy to process and meet the esthetic qualities preferred by urban consumers the implications for research on improved variety development to reduce poverty and for crop and resource management practices are drawn

contagious cooperation temptation and ecosystem collapse real world observations suggest that social norms o f cooperation can be effective in overcoming social dilemmas such as the joint management of a c ommon pool resource but also that they can be subject to slow erosion and sudden collapse we show that these patterns of erosion and 15 collapse emerge endogenously in a model of a closed community harvesting a renewable natural resource in which individual agents face the tempta tion to overexploit the resource while a cooperative harvesting norm spreads through the community via interpersonal relations we analyze under what circumstances small changes in key parameters including the size of the community and the rate of technological progress trigger catastrophic transitions from 20 relatively high levels of cooperation to widespread norm violation causing the social ecological system to collapse

property rights regimes and natural resources a conceptual analysis the term common property resource is an example of a term repeatedly used to refer to property owned by a government or by no one it is also used for property owned by a community of resource users such usage leads to confusion in scientific study and policy analysis in this paper we develop a conceptual schema for arraying property rights regimes that distinguishes among diverse bundles of rights ranging from authorized user to claimant to proprietor and to owner we apply this conceptual schema to analyze findings from a variety of empirical settings including the maine lobster industry

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

preemptive patenting and the persistence of monopoly this article takes a different tack and inquires whether institutions such as the patent system create opportunities for firms with monopoly power to maintain their monopoly power the results apply to other situations such as brand identification spatial location and capacity expansion which share the characteristic that early or preemptive actions may lower the returns to potential competitors

global ex vessel fish price database revisited a new approach for estimating missing prices the global ex vessel fish price database ex vessel db reported in sumaila et al j bioecon 9 1 39 51 2007 was the first comprehensive database that presents average annual ex vessel prices for all commercially exploited marine fish stocks by nationality of the fishing fleet it contained over 30 000 reported price items covering the period from 1950 to the present and supplemented missing prices with estimates based on prices from a different year species group or fleet nationality this paper describes a revised missing price estimation approach focused on the computation of annual average international prices for each species group adjusted to domestic prices using the real exchange rate based on national purchasing power parity key advantages of the new approach are that it allows a larger number of reported prices to be used in the price estimation and accounts for relative price level differences that exist between countries our new approach should improve the estimates in regions where reported prices are scarce or non existent by linking domestic prices to the trends in international prices our analysis based on the revised ex vessel price estimates in real 2005 usd shows that the global marine fisheries landings have generated total value of usd 4 2 trillion since 1950 including usd 100 billion in 2005

affect or information labeling policy and consumer valuation of rbst free and organic characteristics of milk abstract using a labeling policy framework we answer the question of whether attitude has an impact on consumers valuation of rbst free and organic characteristics of milk we utilize 2 years of consumer survey data and a hedonic model to estimate marginal effects of attitude on consumer valuation of rbst free and organic milk findings indicate that in 2001 milk value was impacted by attitude regardless of whether attitude was measured using an opinion based or behavioral construct in 2004 the contribution of attitude to value was insignificant implications for labeling policy are discussed

wine prices and quality ratings a meta regression analysis this article examines the empirical support for the hypothesized hedonic theoretical relation between the price of wine and its quality the examination considers over 180 hedonic wine price models developed over 20 years covering many countries the research identifies that the relation between the price of wine and its sensory quality rating is a moderate partial correlation of 0 30 this correlation exists despite the lack of information held by consumers about a wine s quality and the inconsistency of expert tasters when evaluating wines the results identify a moderate price quality correlation which suggests the existence of strategic buying opportunities for better informed consumers strategic price setting possibilities may also exist for wine producers given the incomplete quality information held by consumers the results from the meta regression analysis point to the absence of any publication bias and attribute the observed asymmetry in estimates to study heterogeneity the analysis suggests the observed heterogeneity is explained by the importance of a wine s reputation the use of the 100 point quality rating scale the analysis of a single wine variety style and the employed functional form the most important implication from the analysis is the relative importance of a wine s reputation over its sensory quality inferring that producers need to sustain the sensory quality of a wine over time to extract appropriate returns the reputation of the wine producer is found not to influence the strength of the price quality relationship this finding does not contradict the importance of wine producer reputation in directly influencing prices

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

sushi or fish fingers seafood diversity collapsing fish stocks and multispecies fishery management we present a model of a multispecies fishery and we show the following i consumer preferences for seafood diversity can trigger a sequential collapse of fish stocks under open access fishery ii the stronger the preferences are for diversity the higher is the need for coordinated multispecies regulation iii second best optimal management of only one or a few species is less strict than socially optimal management of the same species iv myopic regulation of one species ignoring spillovers to other species can cause depletion of other stocks that would not be depleted under open access

efficient estimation of hedonic inverse input demand systems this article is concerned with efficient estimation of characteristics demand we derive and estimate an inverse input demand system for quality characteristics by using 172 946 observations over 881 trading days in the icelandic fish auctions an improved estimation method based on an expanded random coefficient model is suggested as an alternative to the currently used two stage method of brown and rosen the estimates demonstrate the improved efficiency of the suggested method a number of empirical results emerge including a general increase in the demand for quality the purpose of hedonic price analysis is to determine how the price of a unit of a commodity varies with its characteristics that is to estimate the hedonic price function some recent examples of the estimation of hedonic price functions are nerlove combris lecocq and visser and mcconnell and strand however theory predicts that shifts in supply or demand affect the implicit price relationships between the overall price of the good and its individual characteristics and so we need to estimate the underlying demand and supply functions for the characteristics rosen developed a two stage method for analyzing hedonic markets in the first stage of this method the hedonic price function is estimated and in the second stage a system of demand and supply functions for characteristics is estimated using the shadow prices of the characteristics from the first stage as variables brown and rosen showed that this procedure could yield estimates of demand and supply functions that are mere transformations of the coefficients in the hedonic function they suggested the currently used two stage method using data from multiple markets this method utilizes the within market variation to iden

persistence of technological leadership emerging technologies and incremental innovation in a model of competitive innovation i derive theoretical conditions for an entrant to displace the incumbent firm by innovating in an undeveloped substitute emerging technology the main result presents conditions on profitability and innovation speed that yield a markov perfect equilibrium in which the entrant pursues the emerging technology while the incumbent chooses to persist with the established technology and collect short run profits notably this result does not require the entrant s superiority to the incumbent for innovation finally when the model is calibrated to hard drive industry data its predictions are consistent with the observed outcomes

the economical management of multispecies fisheries resource based theory implicitly assumes that property rights to resources are secure extant property rights theory enables us to relax this assumption to take into account processes where there are struggles in establishing property rights that enhance

preemption and rent equalization in the adoption of new technology we study the adoption of a new technology to illustrate the effects of preemption in games of timing we show that the threat of preemption equalizes rents in a duopoly but that this result does not extend to the general oligopoly game if the gain to preemption is sufficiently small then the optimal symmetric outcome which involves late adoption is an equilibrium this contrasts with reinganum s result that in precommitment equilibria there must be diffusion we develop a new and richer formalism for modeling games of timing which permits a continuoustime representation of the limit of discrete time mixed strategy equilibria

returns to human capital under the communist wage grid and during the transition to a market economy we estimate returns to human capital during communism and the transition using data on 2 284 men in the czech republic we show a extremely low and constant rates of return to education under the communist wage grid and dramatic increases in transition which do not differ by firm ownership b radical changes in returns to several fields of study and sheepskin effects in both regimes c identical wage experience profile in both regimes d similar 1996 returns to human capital obtained in communism and in transition and e changes in the interindustry wage structure a decomposition of the variance of wages finds individuals unobservable effects from communism to persist into transition but most of the variance is due to unobservable effects introduced in the transition

economic inefficiency in a revenue setting the norwegian whitefish fishery the main focus in the inefficiency literature is on suboptimal input use and how this causes increased costs due to technical and allocative inefficiency production or cost functions are then typ