on measuring and comparing total factor productivities in extractive and non extractive sectors we explain why comparing the total factor productivities of extractive and non extractive sectors is likely to be misleading then we propose a correction and implement it for the case of asbestos where it turns out to make a significant difference

efficiency of catch and effort quotas in the presence of risk abstract a general bioeconomic model is constructed to analyze the efficiency of different methods of fisheries management when there are some risks involved the model includes the biological dynamics of the fish stock and allows that environmental factors cause stochastic variations in the growth of the fish stock and in the cpue the paper develops a method for comparing the efficiency of control variables in stochastic dynamic programming problems and applies it to the case of management of fisheries with catch and effort quotas sufficient conditions are derived for the superiority of each of the two management methods these conditions are used to decide the relative efficiency of these two management methods in simple models it is shown that the relative efficiency of the two management methods depends on the importance of the stochastic variations in the growth of the fish stock relative to that in the cpue and on the elasticity of demand it also matters if the objective of the management is to maximize profits or maximize welfare

is the current regulation of the viii division european anchovy optimal this paper sets out to assess the workability of the regulation currently in force in the european anchovy fishery of the viii division particular attention is paid to the importance of the institutional regime in the allocation of natural resources the study uses a bio economic approach and takes into account the fact that not only the european union and the individual countries involved but also some of the resource users or appropriators intervene in its management in order to compare the effectiveness of the rules which at the various levels have been set up to restrict exploitation of the resource the anchovy fishery is simulated in two extreme situations open access and sole ownership the results obtained by effective management will then be contrasted with those obtained from the maximum and zero profit objectives related with the two above mentioned scenarios thus if the real data come close to those derived from the sole ownership model it will have to be acknowledged that the rules at present in force are optimal if on the other hand the situation more closely approach the results obtained from the open access model we will endeavour in our conclusions to provide suggestions for economic policy measures that might improve the situation in the fishery

the optimal management of north sea herring abstract a discrete time dynamic bioeconomic model for a fish resource is developed the objective is maximization of discounted net revenues subject to changes in stock size the model of population dynamics is described by a delay difference equation natural growth and recruitment are related to stock size with recruitment taking place with a time lag conditions characterizing the optimal stock level are derived the model is applied to north sea herring estimates of the optimal stock level are given and optimal trajectories derived due to the schooling behaviour of herring it is shown that open access may cause stock extinction

stability and success of regional fisheries management organizations according to international law straddling fish stocks should be managed cooperatively through regional fisheries management organizations rfmos this paper analyzes the stability and success of these organizations through a game in partition function form based on the classical gordon schaefer bioeconomic model results show that the larger the number of fishing states that compete for the fish stock the higher are the relative gains from full cooperation but the lower is the likelihood of large rfmos being stable it is also shown that new entrants increase the incentives of rfmo members to leave and decrease the incentives of non members to join it moreover the success of coalition formation is positively correlated with the degree of cost asymmetry among fishing states and negatively with the overall level of efficiency

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

productivity change in canadian mining 1957 1979 this paper calculates multifactor productivity trends in seven canadian mining industries and relates changes in productivity to various factors including changes in output and factor prices and the decline in the quality of the ore being mined it is found that productivity decline in mining has been pronounced and tended to predate that of manufacturing by several years there are indications that the most important factors in the decline have been the fall in mineral grade contraction of output increases in interest rates and an apparent decline in the rate of technical innovation

capital and the theory of productivity measurement the purpose of this paper is twofold to provide a brief survey of recent approaches to the measurement of total factor productivity and to comment on some of the special problems which are associated with capital thus in sections i iv below four approaches to the measurement of total factor productivity are outlined while section v compares and contrasts the approaches in section vi i consider how the various approaches have to be modified when welldefined rental markets for components of the capital stock do not exist the usual case

an economic analysis of sardine fishing in the gulf of valencia spain abstract the optimal management of a particular fishery is illustrated using data describing previous fishery exploitation relevant biological and economic relationships are estimated then the optimum levels of catches effort and stock are calculated the prices that if implemented would ensure the current efficient exploitation of the fishery are also calculated finally the welfare gains that can be achieved by a movement from the freemarket equilibrium to the socially optimum solution are demonstrated

on the dynamics of renewable resource harvesting and pollution control the paper presents a dynamic partial equilibrium model which combines optimal renewable resource harvesting and optimal pollution control pollution accumulates as a slowly decaying stock and is assumed to affect the growth and the quality of the renewable resource stock the aim is to maximize a social welfare functional which gives the present value of the difference between natural resource benefits and pollution control costs the existence uniqueness and the dynamic properties of the steady states are investigated the analysis also gives a general result concerning the steady state of any two state variable optimal control problems

marginal contributions and externalities in the value our concern is the extension of the theory of the shapley value to problems involving externalities using the standard axiom systems behind the shapley value for an arbitrary exogenous coalition structure leads to the identification of bounds on players payos around an externality free value in endogenizing the coalition structure we analyze a two stage process of coalition formation in whose second stage our axiomatic results are applied we find reasons to explain inecient coalition structures and provide sucient conditions for eciency

production economics and optimal stock size in a north atlantic fishery this paper contains an analysis of a fishery production function and an empirical analysis of the north sea herring fishery an intertemporal profit function is defined by introducing stock dynamics and the concept of a sole resource manager some new results with respect to the relationship between the optimal stock level and production technology are derived estimates of the optimal stock level for herring are also presented

seeing the trees as a forest what counts in green accounting applying green accounting to value the commercial contribution and depletion of a forest is only a short run variation of the traditional approach to net national product nnp and arguably provides less information green adjustments can make a vital difference however by introducing nonmarketed values since optimal nnp is the linearized hamiltonian values are taken at the margin and exclude consumers surpluses unlike in cost benefit analysis green nnp may also require imputation of unmarketed exports and imports 2001 elsevier science b v all rights reserved

maximum economic yield fishery management in the face of global warming abstract this paper deals with fishery management in the face of the ecological and economic effects of global warming to achieve this a dynamic bioeconomic model and model based scenarios are considered in which the stock s growth function depends on the sea surface temperature the model is empirically calibrated for the french guiana shrimp fishery using time series collected over the period 1993 2009 three fishing effort strategies are then compared under two contrasted ipcc climate scenarios rcp 8 5 and rcp 2 6 a first harvesting strategy maintains the status quo in terms of fishing effort a more ecologically oriented strategy based on the closure of the fishery is also considered a third strategy which relates to maximum economic yield mey is based on the optimisation of the net present value derived from fishing the results first show that status quo fishing intensity combined with global warming leads to the collapse of the fishery in the long run secondly it turns out that the closure strategy preserves stock viability especially under the optimistic climate scenario thirdly the mey strategy makes it possible to satisfy bioeconomic performances requirements with positive stock and profit once again especially under the optimistic warming scenario consequently mey emerges as a relevant bioeconomic strategy in terms of adaptation to climate change but only in connection with climate change mitigation

endogenous fishery management in a stochastic model why do fishery agencies use tacs along with fishing periods this paper seeks to explain the circumstances under which using total allowable catch tac as an instrument to manage a fishery along with fishing periods may be of interest from a regulatory point of view the deterministic analysis by homans and wilen j environ econ manag 32 1 21 1997 and anderson ann oper res 94 231 257 2000 is thus extended to a stochastic scenario where the resource cannot be measured accurately the resulting model is solved numerically to find the optimal control rules in the iberian sardine stock three relevant conclusions can be highlighted from simulations first the greater the uncertainty regarding the state of the stock the lower the probability of the fishery being closed before the end of the fishing period second the use of tacs as a management instrument in fisheries that are already regulated by fishing periods leads to i an increase in the optimal season length and harvests especially for medium and high numbers of licences ii improved biological and economic variables when the fleet is large and iii extinction risk for the resource being eliminated third the regulator would rather select the number of licences than restrict the season length

on estimating the option value of preserving a wilderness area in this paper option pricing theory is used to analyse whether or not to preserve a wilderness area a numerical approach is demonstrated that can be applied to any generalized stochastic process the impact of assuming that amenity value follows a logistic process rather than geometric brownian motion is considered the calculation of critical levels for amenity value necessary to justify preserving a wilderness area such as the killarney provincial park in ontario or the headwaters forest in california is demonstrated the impact of changing the assumed growth and volatility of amenity value is also examined jel classifcation d81 q26 ce memoire utilise la theorie de la tarification d une option pour analyser si on doit preserver un espace naturel on utilise une approche numerique qui peut etre appliquee a tout processus stochastique generalise on examine l impact de possibilites que le profil de la valeur de la ressource dans la temps suive un processus logistique plutot qu un pattern geometrique de type brownien le texte montre le calcul des niveaux critiques de la valeur de la ressource qui seraient necessaires pour justifier la preservation d une espace naturel comme le parc provincial killarney en ontario ou les forets headwaters en californie l impact de postulats differents quant a la croissance et a la volatilite de la valeur de la ressource est examine

increasing marginal returns and the danger of collapse of commercially valuable fish stocks abstract on the basis of data from the north sea herring fishery we discuss the consequences of increasing marginal returns on the exploitation of renewable resources we show that high but still reasonable discount rates can cause extinction to be optimal even in the ideal case of a sole owner and a resource with a high growth rate in the case of lower discount rates optimal cyclical policies can periodically drive the resource to levels approaching safe minimum standards we discuss the sustainability intergenerational equity social risk aversion and theoretical issues raised by increasing marginal returns

sharing a fish stock when distribution and harvest costs are density dependent we studied cooperative and competitive solutions for managing a trans boundary fish stock that has a stock size dependent distribution and harvesting costs using norwegian spring spawning nss herring clupea harengus as a case study this is among the first studies to investigate the effect of a dynamic distribution in a partition function game framework i e including externalities the special feature of nss herring is that it comes under the sole ownership of norway when the stock size is sufficiently low the three players in our game are differentiated by stock ownership cost per unit effort and stock elasticity of harvest we find that cost asymmetry improves the likelihood of forming a stable grand coalition as harvesting load can be assigned to each fishing zone according to a player s relative cost level and the density of fish a dynamic distribution increases the bargaining power of norway because of her ability to control both the total stock and the stock shares in different zones especially during the stock transition years however the bargaining power of norway may disappear if her cost of harvesting exceeds that of the other players this loss of bargaining power can take on two forms first a dynamic distribution may encourage a minor player to free ride because norway needing a coalition partner to improve her cost effectiveness would be less inclined to retaliate as retaliation hurts her ally as much as the free rider second in a stable grand coalition norway is not guaranteed to receive an allocation of benefit shares in proportion to not to say in excess of her stock ownership at the current stock condition the strategy where norway reduces stock abundance below the level where the stock becomes non migratory is found attractive only if the discounting rate is sufficiently high

bioeconomic analysis and management this article discusses bioeconomic analysis and different management strategies in fisheries it reviews recent developments which show the need to expand the analysis to multispecies fisheries and management significant gains can be made if the interdependencies between species and or jointness in inputs for many fisheries are identified both common property resource management and individual transferable quotas itqs can be fruitful strategies in different settings the article suggests that there is scope for the development of a multiple use management approach of marine resources besides the aim of an efficient use of fish stocks equal attention should be given to other values from aquatic ecosystems like ecological services biodiversity and recreation possibilities

reconciling the green accounts in an optimally managed economy green nationalexpenditure is equal to the linearization of the hamiltonian from theproblem of maximizing discounted social utility herein we utilize theadjoint conditions to add to the basis for viewing green nnp as an index ofsocial utility under ideal conditions and to show the equality of netnational income and expenditure the results apply even when returns toscale are increasing or decreasing unpriced net environmental benefitsshould be incorporated into comprehensive nnp in much the same way as thedisutility of labor otherwise current practices of the national accountscan be defended including the treatment of capital gains

endogenous formation of research coalitions with spillovers abstract we examine the endogenous formation of research coalitions with high spillovers among symmetric firms members of a research coalition set their r and d investments in order to maximize the aggregate profits of members of their coalition the exclusive membership rule supports a more concentrated coalition structure and thus leads to higher industry r and d investments for high spillovers than the open membership rule does however due to free riding problems the grand research coalition which is the socially efficient outcome is rarely an equilibrium outcome under either rule our results suggest that government subsidies to research consortia for basic research with high spillovers can improve social welfare by encouraging wider participation to a research consortium that is by alleviating free rider problems in coalition formation from a more theoretical viewpoint our results on stable coalition structures are applicable to a wide variety of economic coalitions with positive externalities

simulated exchange values and ecosystem accounting theory and application to free access recreation abstract this paper discusses the simulated exchange value method a practical method to estimate values for goods and services currently outside of the market in a manner consistent with the market based figures considered in national accounts the method proposes to simulate in a partial equilibrium context the price that would occur if a good or service outside of the market such as free access recreation in forests were internalized the method takes into account the demand estimated using non market valuation techniques the supply and the market structure the discussion covers the case of a linear demand and the case in which the demand is estimated using discrete choice methods this paper applies the method to free access recreation in the forests of andalusia in the south of spain and compares the results to those obtained using hicksian variations

cooperative and non cooperative exploitation of the arcto norwegian cod stock a two agent model for the exploitation of the arcto norwegian cod stock is developed to investigate the economic benefits that can be realized from the resource and the effect of exploitation on stock sustainability under cooperation and non cooperation the two agents are identified in this study as a trawl fishery versus a coastal fishery unlike in munro 1979 where conflicts in the management strategies of agents arise from differences in the perceptions of the discount factor fishing effort costs and consumer preferences here conflicts arise mainly from the differences in fishing gear and grounds and the age group of cod targeted by the two agents using a game theoretic framework we show that given available data the optimum optimorum is obtained under cooperation with side payments and no predetermined harvest shares in which case the coastal fishery buys out the trawl fishery however sensitivity analysis shows that if the price premium assumed for mature cod is taken away the trawl fishery takes over as the producer of the optimum optimorum

dynamic effects on the stability of international environmental agreements abstract in terms of the number of signatories one observes both large and small international environmental agreements the theoretical literature based on game theory discusses different concepts and mechanisms regarding stability of coalitions the conclusion has been reached that in all circumstances under farsightedness both large and small stable coalitions can occur this theory is based on behavioural reaction patterns but does not take account of the interaction with the dynamics of emission adjustments this paper shows that when these two dynamical processes are integrated large and small stable coalitions can still occur but only if the costs of emissions are relatively unimportant as compared with the costs of abatement

a conceptional analysis of dynamics and production in bioeconomic models harvesting functions and stock dynamic equations in age structured bioeconomic models are generalized in order to incorporate density dependence using this generalization anything from completely uniformly distributed fish to extreme schooling can be analyzed the classical beverton holt model comes out as a special case of the generalized model the generalization can be applied both for simulation as well as for optimization purposes given appropriate software conceptual analysis indicates that pulse fishing seems to become less and less economically profitable as we move from uniformly distributed fish to schooling species this has important implications for how fish stocks ought to be managed copyright 2010 oxford university press

on uncertain renewable resource stocks optimal harvest policies and the value of stock surveys abstract annual harvest quotas are commonly employed in the management of renewable resource stocks commercial fisheries being a prime example such resource stocks often undergo quite significant natural fluctuations to which quotas must be adapted a further complication arises from the fact that estimates of stock abundance are often highly uncertain in this paper a bayesian approach is used to model optimal quota decisions for an uncertain fluctuating renewable resource stock

marginal valuation of charismatic species implications for conservation most contingent valuation studies focus on total willingness to pay wtp as a measure of welfare change for policy involving species preservation however it is important to distinguish between the benefits of preventing a species from going extinct and the benefits of preserving numbers above the minimum viable population mvp level once mvp is exceeded marginal wtp becomes relevant these propositions are illustrated for the case of one charismatic species whose management is much debated minke whales in the northeast atlantic ocean it is shown that for a given estimate of total preservation value strict conservation and extinction can both be optimal this finding highlights the importance of collecting marginal values in contingent valuation surveys

value and income abstract this paper argues that income is a flow of value to society therefore an economic modeler s choice of a concept of value imposes a concept of income the argument is used to distinguish three concepts of national income 1 in a discounted utilitarian model which is usually the basis for theoretic discussions of net national income the formulation of value imposes a concept of income that is not observable and hence does not provide income statistics 2 in a perfectly competitive economy national income is in principle observable study of the competitive model provides a theoretic foundation for national accounting with extensions to distorted economies however two unobservable components of ideal income consumers surplus and capital gains are perforce neglected 3 a maximin program is the mathematical representation of another value sustaining an economy it employs a method of intertemporal valuation that does not involve discounting income is sustained value since a maximin program is not expressed for a distorted economy there is no observable indicator of whether an economy is being sustained

sharing a fish resource bioeconomic analysis of an applied allocation rule political and economic factors usually determine the harvest sharesallotted to heterogeneous fisher groups harvesting upon the same fishstock given that the fishers harvest upon different segments of a fishstock with for instance cannibalistic tendencies the shares allottedmay have considerable effect upon the well being of the stock and theeconomics of the fishery this paper analyses an existing allocationrule defining harvest shares allotted to two vessel groups trawlers andcoastal vessels in the norwegian cod fishery we apply a model with twointeracting age groups within a single fish stock where the interactionhas both biological and economic implications requiring a first bestapproach to an optimal stock size results in no harvest in the firstyears studied in order to ensure harvest amounts close to the historicharvest we design a second best model giving optimal biological sharesin the build up phase of the stock and bioeconomic optimal shares atthe optimum fish stock level the second best model recommends that foran increasing stock size the trawlers should obtain decreasing shares we find that the actual allocation rule functions in a manner oppositeto the second best model since this rule allocates an increasing shareto the trawlers for an increasing stock size

fishery management under multiple uncertainty abstract among others who point to environmental variability and managerial uncertainty as causes of fishery collapse roughgarden and smith proc natl acad sci 93 1996 5078 argue that three sources of uncertainty are important for fisheries management variability in fish dynamics inaccurate stock size estimates and inaccurate implementation of harvest quotas we develop a bioeconomic model with these three sources of uncertainty and solve for optimal escapement based on measurements of fish stock in a discrete time model among other results we find 1 when uncertainties are high we generally reject the constant escapement rule advocated in much of the existing literature 2 inaccurate stock estimation affects policy in a fundamentally different way than the other sources of uncertainty and 3 the optimal policy leads to significantly higher commercial profits and lower extinction risk than the optimal constant escapement policy by 42 and 56 respectively

value of recreational fishing in the brazilian pantanal a travel cost analysis using count data models abstract recreational fishing value of the brazilian pantanal is measured using travel cost method tcm we compare non linear poisson and negative binomial count data models to estimate recreational fishing trip demands the count data and truncated models are used primarily to account for non negative integer and truncation properties of recreational fishing trips as suggested by the recreation valuation literature the results reveal that non linear and truncated count data models perform relatively well in our study the economic values of recreational fishing in terms of consumer surplus cs are derived using non linear and truncated models we estimate the cs values from 540 54 to 869 57 per trip resulting in the total social welfare estimate range from 35 to 56 million the study demonstrates a relatively high value of recreational fishing in the pantanal in comparison to similar studies conducted in other parts of the world the findings of this study would be important for resource management decisions in the pantanal and could serve as a reference in valuing similar resources in other ecosystems around the world

renewable resource policy when distributional impacts matter the standard assumption in bioeconomic resource models is that optimal policies maximize the present value of economic surplus to society this assumption implies that regulatory agencies should not be concerned with the distributional consequences of management strategies both contemporary welfare theoretic and rent seeking approaches suggests distributional issues are important in designing resource management policies this paper explores resource management when the managing agency has preferences defined over the economic welfare of various groups with a direct economic interest in the use of resources policy schemes consistent with this approach are derived and compared with standard results

fishing as a supergame abstract this paper considers how cooperative solutions to games of sharing fish resources can be supported by threat strategies with highly mobile fish stocks the number of agents compatible with a cooperative self enforcing solution is not very high for reasonable values of the discount rate but sensitive to changes in the discount rate and costs and to cost heterogeneity with migrating stocks where growth and reproduction depend on how much all agents leave behind after harvesting the likelihood of a cooperative self enforcing equilibrium is increased with a dominant player and a competitive fringe the rents and optimum stock level of the dominant player fall quickly as the share of the competitive fringe increases

international management strategies for a straddling fish stock a bio economic simulation model of the norwegian spring spawning herring fishery in this paper a three country dynamic bio economic simulation model is presented for the spring spawning herring fishery the international spring spawning herring fishery based on potentially one of the most valuable fish stocks in the world is currently recovering from a severe depletion of the stock and subsequent harvesting moratorium management of the herring fishery is complicated by its multi nation exploitation due to the highly migratory behaviour of the species moving between several coastal state zones exclusive economic zones eez s and the high seas ocean loop based on extensive work invested on analysing both the biology of the herring stock and the fisheries economics around its exploitation we study here the profiles of different multi agent management schemes simulating catch levels stock size and profit potentials of alternative management strategies the stock dynamics are described by a linear discrete time age structured population model and the economics are presented by a rent maximising model with constant price of herring catch and different costs of harvesting and efficiency levels for the different national fleets the simulations carried out over several decades show that the benefits of international co operation far exceed the returns of a competitive open access fishery

can international environmental cooperation be bought in this paper a two stage game of international environmental agreement formation with asymmetric countries is analytically solved the equilibrium of the game makes it possible to determine the size and composition of a stable agreement two cases are studied in the first case countries differ only in abatement costs while in the second case they differ in environmental damages in both cases two different institutional settings one without transfers and another with transfers are considered the results establish that the asymmetry assumption has no important effects on the scope of cooperation in comparison with the symmetric case if transfers are not used or abatement costs represent the only difference among countries however when the only difference is in environmental damages the level of cooperation that can be bought through a self financed transfer scheme increases with the degree of asymmetry

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

not just minor forest products the economic rationale for the consumption of wild food plants by subsistence farmers abstract non timber forest products ntfps make an important contribution to the livelihood of the households who gather and consume them in particular the consumption of ntfps allows gatherers to live with lower amounts of cash than if they had to buy in the market what they can obtain from the forest for free understanding the economic value of non marketed ntfps helps determine the true income of the gatherers and the amount of extra cash that they would need if they could no longer gather ntfps it also helps ascertain the true value of the standing forest leading to more rational decisions about its alternative uses yet the ntfps that are not marketed are often ignored when estimates are made of the economic importance of ntfps to rural populations this article briefly describes five methods for estimating the value of non marketed wild edible plants it then compares two of these methods with data from one month of fieldwork in two pwo karen villages in thung yai naresuan wildlife sanctuary in western thailand the article concludes that wild food plants remain a preferred alternative to commercial food crops because gathering wild food plants is a much more efficient use of time than engaging in the market economy in order to purchase commercial food crops

regulation of the iberoatlantic sardine fishery the basic aim of this paper is to use a case study to illustrate the way in which controls can achieve an optimum exploitation of marine resources the specific fishery under study is the iberoatlanti sardine fishery a bioeconomic deterministic model for this fish resource is developed and applied the most relevant results and estimates are showed finally we present some economic policy recommendations for the fishery as well as considerations for the application of the regulatory measures

maximin viability and sustainability the maximin criterion defines the highest utility level that can be sustained in an intergenerational equity perspective the viability approach makes it possible to characterize all the economic trajectories sustaining a given not necessarily maximal utility level in this paper we exhibit the strong links between maximin and viability we show that the value function of the maximin problem can be obtained in the viability framework and that the maximin path is a particular viable path this result allows us to extend the recommendations of the maximin approach beyond optimality to characterize the sustainability of economic trajectories which differ from the maximin path attention is especially paid to non negative net investment at maximin accounting prices which is shown to be necessary to maintain the productive capacity of the economy whether the development path is optimal or not our results provide a new theoretical ground to account for sustainability in imperfect economies based on maximin prices

capital gains and net national product in open economies it is shown within a given framework that with the world economy following an egalitarian path the aggregate capital gains being positive is equivalent to the interest rate tending to decrease this result is of importance for the concept of net national product in open economies in particular with positive aggregate capital gains an open economy cannot sustain consuming the return on its capital stocks since some part of the return must be used to augment the country s national wealth it is established that a country s share of world wide sustainable consumption equals its share of worldwide wealth

international management of north sea herring north sea herring is a transboundary resource shared by the eu and norway the purpose ofthis paper is to investigate how the harvestsor total allowable catch quotas tacs for thisspecies should be divided between these twojurisdictions so that both parties aresatisfied we apply a discrete timegame theoretic model in which we show that theeu should be allocated more than half of thetac even if the eu has higher harvesting costs this result is due to the distribution patternof the herring with a larger share of herringlocated in the eu zone however we find thataccording to the nash bargaining solution thecurrent sharing allocates too large a share tothe eu

landing fees vs harvest quotas with uncertain fish stocks a revised version of this paper was published in the journal of environmental economics and management volume 43 issue 2 march 2002 pages 325 338

measuring potential rents in the north sea herring fishery this paper assesses the potential for rent generation in the north sea herring fishery the assessment distinguishes between rents and intra marginal profits the sum of which constitutes variable profits in the fishery a bioeconomic model combining fish population dynamics and the economics of the fishery is constructed to allow the computation of these different components of profits in order to assess the dynamics of both rents and intra marginal profits the model is computed under various assumptions with regard to price costs and discount rates potential total profits are measured at 88 to 89 million annually of which rents make up about 87 million with intra marginal profits measured in the order of only 2 million the study further shows that in this fishery rent is dissipated mainly due to excess effort but also due to suboptimal stock size

valuing the recreational benefits from the creation of nature reserves in irish forests abstract data from a large scale contingent valuation study are used to investigate the effects of forest attributes on willingness to pay for forest recreation in ireland in particular the presence of a nature reserve in the forest is found to significantly increase the visitors willingness to pay a random utility model is used to estimate the welfare change associated with the creation of nature reserves in all the irish forests currently without one the yearly impact on visitors economic welfare of new nature reserves approaches half a million pounds per annum exclusive of non recreational values

productivity and metal mining evidence from copper mining firms one of the aims of productivity measurement is to assess the performance of various sectors of the economy with respect to their use of scarce inputs in this paper the emphasis is on the effects of firm behaviour on simple index number measurement of total factor productivity in non renewable resource industries economic theory predicts that when the stock of ore is known and there is positive discount rate an intertemporally profit maximizing firm will often process the best ore first that is ores that are of high grade and or are most easily accessible will be correspond to the lowest cost units of final metal output less capital labour energy and matgerials will be needed in the mining and milling processes

sharing the surplus an extension of the shapley value for environments with externalities economic activities both on the macro and micro level often entail wide spread externalities this in turn leads to disputes regarding the compensation levels to the various parties affected we propose a method of deciding upon the distribution of the gains costs of cooperation in the presence of externalities when forming the grand coalition is efficient we show that any sharing rule satisfying efficiency linearity dummy player and a strong symmetry axioms can be obtained through an average game adding an additional axiom we identify one unique rule satisfying these properties