Table of Contents:
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Diagram: Continuing Previous Example
Hotelling's Rule
Hotelling Rents
Diagram: Hotelling Rents, Dynamically Efficient Allocation, Year 0
Recyclable Resources
Primary and Secondary Recyclable Resource Markets
Renewable Resources
Maximum Sustainable Yield
Sustainable Yield Case Study: US Land Management Legislation
Recreation Values are 75% of Economic Value of US National Forests
Fisheries Economics
Declines in Landings, Marine Fisheries (Table)
More on Declines in Marine Fisheries
Role of Excessive Harvest Rates
Technological Advance in Fishing
Open Access "Management"
Excessive Harvest Capacity
Why? Limited Seasons Drive Bigger Vessels Which Drive Shorter Seasons....
Cheating On Quotas
Other Fishery Management Problems
Too Much Fishing Effort--Disaster
Individual Transferable Quotas (ITQs)
ITQs: Incentives To Reduce Overcapitalization
Possible Problems With ITQs
World Bank Helped Create Overcapitalization
Aquaculture
Aquaculture Problems
Common-Pool Resources (CPRs)
Lack of Effective Governance Leads to Depletion
Gordon Diagram ("Q" is Effort)
Algebra for Gordon Diagram
Describing Rent Dissipation, Group Optimum
Hardin Quote: Tragedy of the Commons
Gordon Quote
Local Self-Governance Can Succeed
Conditions Associated with Successful Local Self-Governance
Resources for the Future: Scarcity
Malthus
Role of Markets in Responding to Resource Scarcity
Malthus and Static Technologies Assumption
Hotelling's Rule and Resource Scarcity
Little Evidence of Growing Marginal Hotelling Rents
Non-Marketed Resources Suffer Degradation
Privatization the Solution?
Localized Scarcity