Managing Renewable ResourcesSlides [link]
Managing renewable resources - Theory
- KO chapter 7 - pp 128-138.
- Figure 7.5 describes the maximum sustainable yield. Is this point economically efficient? Why or why not?
Solving the problem with property rights
- Listen to Planet Money “A less deadly catch”
- Watch this CSF video on Individual and Transferable Quotas.
- When quotas were initially imposed, Halibut fishing in Alaska became more deadly. Why did assigning individual property rights make the fishery safer?
- Basic economics of a fishery
- Maximum sustainable yield vs efficient yield
- Free entry condition and response to regulation
- Example from US halibut fishing