An industry group has proposed a novel system for managing the Northeast Multispecies Fishery. Each harvester would be endowed with a budget of points, and each species would have a “point price,†or number of points that must be paid out of his budget when landing that species. By...

The objective of this paper is to illustrate that economic institutions matter, i.e., that different rules of trade present different incentives for bidding, asking, and trading in new markets, and that these different incentives lead to different price discovery patterns, which yield materially...

The rural public may not only be concerned with the consequences of land management; residents may also have systematic preferences for policy instruments applied to management goals. Preferences for outcomes do not necessarily imply matching support for the underlying policy process. This study...