The Valuation of Fisheries Rights: A Real Options Approach

Abstract

We thank Tom Kong and Ian Stewart from the Pacific Halibut Research & Stock Management for their help with the halibut data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

From Fork to Fish: The Role of Consumer Preferences on the Sustainability of Fisheries

“…where p i (t) is again the price of species i while C is the cost function of fishing effort. We here assumed that the cost function is quadratic as in (Clark et al, 2006;Péreau et al, 2012;Pizarro and Schwartz, 2018)…”

Scenes from a Monopoly: Quickest Detection of Ecological Regimes

“…There already exists a large literature studying the impact of stochastic fluctuations on extraction activities, mainly utilizing real options theory (Andersen and Sutinen (1984); Pindyck (1984); Reed (1988); Reed and Clarke (1990); Saphores (2003); Alvarez and Koskela (2007); Pizarro and Schwartz (2018)). An emerging literature builds on this to integrate resource management with a variety of regime shifts, such as Polasky et al (2011), Ren and Polasky (2014), Baggio and Fackler (2016), de Zeeuw and He (2017) and Arvaniti et al (2019) 1 .…”