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  1. Grandfathering with Anticipation
    Author: Costello, Christopher J.; Grainger, Corbett
    Published: 2022
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Natural resources such as carbon, water, and fish are increasingly managed with markets that require an initial allocation of property rights. In practice these rights are typically grandfathered based on historical use, but rights could be allocated... more

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Natural resources such as carbon, water, and fish are increasingly managed with markets that require an initial allocation of property rights. In practice these rights are typically grandfathered based on historical use, but rights could be allocated any number of ways. Taking the perspective of a currently unregulated firm, we ask how the anticipation of a future market affects extraction incentives, environmental quality, and welfare prior to the implementation of the market. We show that this anticipation has first-order welfare implications, seemingly contradicting the widely held belief that the allocation of rights has no aggregate welfare consequences. The most egregious case involves anticipation of a traditional grandfathering rule, which induces a race for allocation before the market goes into effect, causing over-extraction or over-emissions, even relative to the completely unregulated baseline. We derive an alternative allocation rule called "Reverse-Grandfathering" that still provides a free allocation of rights but reverses the marginal incentive to emit or extract. We show that this new approach, which relies on incentives due to anticipation, can replicate welfare-maximizing firm behavior, even in the complete absence of regulation. To illustrate the potential magnitude of anticipation effects, we develop and parameterize a structural model of a hypothetical market among nearly 5,000 large fishing firms on the high seas. Relative to traditional grandfathering and auctioning of rights, Reverse-Grandfathering substantially increases natural resource stocks and welfare

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: NBER working paper series ; no. w29798
    Subjects: Meeresnutzung; Meeresschutz; Vertragsrecht; Seefischerei; Ressourcennutzung; Emissionshandel; Eigentumsrechtstheorie; Bestandsschutz
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  2. Impact and implications of COVID-19 for the ocean economy and trade strategy
    case studies from Barbados, Belize and Costa Rica
    Published: 2022
    Publisher:  United Nations, Geneva

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789210012485
    Series: United Nations publication
    Subjects: Coronavirus; Meeresnutzung; Seefischerei; Aquakultur; Wirkungsanalyse; Wirtschaftspolitik; Barbados; Belize; Costa Rica; Coronavirus; Meeresnutzung; Seefischerei; Aquakultur; Wirkungsanalyse; Wirtschaftspolitik; Barbados; Belize; Costa Rica
    Scope: 1 Online-Ressource (circa 87 Seiten), Illustrationen
  3. Swordfish market analysis report Barbados
    UNCTAD and United Nations Division for Ocean Affairs and the Law of the Sea Oceans Economy and Trade Strategies Project
    Published: 2022
    Publisher:  United Nations, Geneva

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789210021975
    Series: United Nations publication
    Subjects: Seefische; Seefischerei; Fischverarbeitung; Außenhandel; Fischmarkt; Barbados
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen