(), Kristen Lund
and Tore Schweder
Florian Diekert: Dept. of Economics, University of Oslo, Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Kristen Lund: Dept. of Biosciences
Tore Schweder: Dept. of Economics, University of Oslo, Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Abstract: Understanding the e ect of introducing property rights to natural resources is central in economics, but empirical analysis is frustrated by the complexity of socioecological systems. We construct a detailed bio-economic model of the Norwegian coastal cod shery, which was closed after 1989, to isolate the e ect of environmental variability. We project stock and harvest forward in the counterfactual scenario of no intervention, showing that the policy had only a small positive impact on Stock biomass, but a pronounced positive e ect on pro ts. The main driver, uncovered by index-number decomposition, is savings in fuel and labor costs.
36 pages, March 18, 2014
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