Essays in Natural Resource Economics

Allocation decisions in many natural resource markets are governed by mechanisms designed to alleviate information asymmetries and other types of market imperfections. For example, the crew in most commercial fisheries is remunerated via a lay system of payments designed to alleviate a potential team agency problem. The four essays in this dissertation explore the use of mechanisms in natural resource and environmental economics. The first essay examines the lay system of payments in commercial fisheries. Under the lay system, the harvesting crew is remunerated via a share of total vessel revenues less a portion of trip expenditures…

Author: Price, Michael

Source: University of Maryland

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