Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/102059 
Year of Publication: 
2014
Series/Report no.: 
Memorandum No. 07/2014
Publisher: 
University of Oslo, Department of Economics, Oslo
Abstract: 
Understanding the effect of introducing property rights to natural resources is central in economics, but empirical analysis is frustrated by the complexity of socioecological systems. We construct a detailed bio-economic model of the Norwegian coastal cod fishery, which was closed after 1989, to isolate the effect of environmental variability. We project stock and harvest forward in the counterfactual scenario of no intervention, showing that the policy had only a small positive impact on stock biomass, but a pronounced positive effect on profits. The main driver, uncovered by index-number decomposition, is savings in fuel and labor costs.
Subjects: 
Open access
Property rights
Quasi-experiment
Counterfactual control
Bio-economic modeling
Productivity
North-East Arctic cod
JEL: 
C43
D23
Q22
Q28
Document Type: 
Working Paper

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