查看更多>>摘要：The waters around Suffolk County, New York, are plagued by water quality concerns from nitrogen inputs, algal blooms, and eutrophication. Meanwhile, waterfront and near-water homes fuel a robust real estate market with many iconic regions, such as the Hamptons. Aging cesspools and septic systems are a paramount concern in the area. With approximately 74% of homes outside sewer systems, several jurisdictions are evaluating approaches to funding retrofits that would improve septic systems and water quality. It is therefore an ideal location to assess the impact that water quality has on home values; this paper investigates property sales near the Long Island Sound, South Shore Bays, and Peconic Estuary System. Results show that water quality has a significant impact on nearby home sales, with the largest effects generally seen nearest to the coastline. These results inform a discussion about potential benefits and costs of widespread septic tank and cesspool retrofitting, which is currently incentivized by grant and loan programs.
查看更多>>摘要：We study revenue, entry, and possible collusion outcomes in the Chilean fishery with the longest record of individual transferable share quotas allocated via public auctions. We examine 18 annual multi-object auctions and two different auction designs at work. Based on results from a numerically calibrated auction model and econometric estimates, we claim that the repeated use of sequential oral (multiunit) auctions was particularly prone to bid rigging and facilitated entry deterrence. Yet, efficient entry was possible thanks to fully transferable quota rights. We highlight two conclusions from these results: First, when selling multiple production rights in a highly concentrated industry repeatedly over time, auctioneers should avoid using sequential, English auctions. Second, transferable production rights help overcome inefficiencies that can arise from design flaws in the chosen mechanism for allocating these rights.
查看更多>>摘要：We present an age-structured multi-fleet model with cannibalism mortality and endogenous weight at age. Using the model and three simplified versions, we show that assumptions of exogenous natural mortality and weight can lead to significant underestimation of optimal fishing mortality in both maximum sustainable yield (MSY) and maximum economic yield (MEY) scenarios for long-lived cannibalistic fish such as the Northeast Arctic cod. In addition, we show that the harvest, spawning stock biomass (SSB), and net present value (NPV) levels associated with optimal exploitation rates increase significantly with assumptions of exogenous natural mortality and weight. The underestimation of optimal fishing mortality, and the corresponding overestimation of SSB and NPV, is more significant in MSY than MEY scenarios. Meanwhile, the overestimation of harvest is more significant in MEY than MSY scenarios. The study also confirms that the Northeast Arctic cod fishery can achieve higher sustainable yield and NPV by changing the fleet composition and target reference points.
NSTL
Univ Chicago Press