COMMON PROPERTY, RESOURCE RENT AND UNCERTAINTY: WITH AN APPLICATION TO THE NEW ENGLAND GROUNDFISH FLEET

Peter H. Greenwood

No 279439, 1981 Annual Meeting, July 26-29, Clemson, South Carolina from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: This paper investigates the conditions for private resource equilibrium in an industry exploiting competitively a common property resource when private returns are uncertain. When firms display risk aversion it is argued that the compensation for risk bearing should be viewed as an appropriate resource rent. This rent is not fully dissipated when private resources have no incentive to either exit or enter as it would be when returns are certain. The magnitude of uncertainty in the New England ground fish fleet is investigated, and the level of rent appears to be consequential.

Keywords: Resource/Energy; Economics; and; Policy (search for similar items in EconPapers)
Pages: 13
Date: 1981-07
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea81:279439

DOI: 10.22004/ag.econ.279439

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