Harvest Allocation without Property Rights

Jorge Holzer and Kenneth McConnell

Journal of the Association of Environmental and Resource Economists, 2014, vol. 1, issue 1, 209 - 232

Abstract: Resources are often allocated without property rights and the attendant market exchanges. Households commonly encounter these situations--access to schools, on-street parking. Fishing firms typically exploit stocks in a limited-entry setting under input controls. Absent transferable rights and the sorting of marginal values induced by price mechanisms, it is critical to understand the rules governing access. We study allocation of harvest among fishing sectors in this second-best context and demonstrate that optimal allocation combines information on probabilities of access with the standard information in marginal value schedules. We illustrate our arguments with data from the Gulf of Maine.

Date: 2014
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