메뉴 건너뛰기




Volumn 19, Issue 2, 2004, Pages 173-194

Common property under management flexibility: Valuation, optimal exploitation, and regulation

Author keywords

Dynamic programming; Fishing resources; ITQs; Management flexibility

Indexed keywords


EID: 84887097907     PISSN: 07381360     EISSN: None     Source Type: Journal    
DOI: 10.1086/mre.19.2.42629427     Document Type: Article
Times cited : (5)

References (57)
  • 2
    • 0043041708 scopus 로고
    • Conceptual constructs for practical ITQ management policies
    • P. Neher, R. Arnason, and N. Mollett, eds. NATO: ASI Series
    • Anderson, L.G. 1989. Conceptual Constructs for Practical ITQ Management Policies. Rights Based Fishing, P. Neher, R. Arnason, and N. Mollett, eds. NATO: ASI Series.
    • (1989) Rights Based Fishing
    • Anderson, L.G.1
  • 3
    • 0042137958 scopus 로고
    • Privatizing open access fisheries: Individual transferable quotas
    • S.W. Bromley, ed., Oxford: Blackwell Handbooks in Economics
    • -. 1995. Privatizing Open Access Fisheries: Individual Transferable Quotas. The Handbook of Environmental Economics, S.W. Bromley, ed., Oxford: Blackwell Handbooks in Economics.
    • (1995) The Handbook of Environmental Economics
    • Anderson, L.G.1
  • 4
    • 0025585409 scopus 로고
    • Minimum information management in fisheries
    • Arnason, R. 1990. Minimum Information Management in Fisheries. Canadian Journal of Economics XXIII:630-53.
    • (1990) Canadian Journal of Economics , vol.23 , pp. 630-653
    • Arnason, R.1
  • 5
    • 21344478813 scopus 로고
    • Ocean fisheries management: Recent international developments
    • -. 1993. Ocean Fisheries Management: Recent International Developments. Marine Policy 17(5):334-39.
    • (1993) Marine Policy , vol.17 , Issue.5 , pp. 334-339
    • Arnason, R.1
  • 6
    • 0002370823 scopus 로고
    • Managing investment opportunities under price uncertainty: From "Last chance" to "Wait and see" strategies
    • Bjerksund, P., and S. Ekern. 1990. Managing Investment Opportunities Under Price Uncertainty: From "Last Chance" to "Wait and See" Strategies. Financial Management 19(3):65-83.
    • (1990) Financial Management , vol.19 , Issue.3 , pp. 65-83
    • Bjerksund, P.1    Ekern, S.2
  • 7
    • 84901286863 scopus 로고
    • Finite difference methods and jump processes arising in the pricing of contingent claims: A synthesis
    • Brennan, M.J., and E.S. Schwartz. 1978. Finite Difference Methods and Jump Processes Arising in the Pricing of Contingent Claims: A Synthesis. Journal of Financial and Quantitative Analysis XIII(3):461-74.
    • (1978) Journal of Financial and Quantitative Analysis , vol.13 , Issue.3 , pp. 461-474
    • Brennan, M.J.1    Schwartz, E.S.2
  • 8
    • 0001603924 scopus 로고
    • Evaluating natural resource investments
    • -. 1985. Evaluating Natural Resource Investments. Journal of Business 58(2):135-57.
    • (1985) Journal of Business , vol.58 , Issue.2 , pp. 135-157
    • Brennan, M.J.1
  • 10
    • 21344482112 scopus 로고
    • Individual transferable quotas: The new Zealand experience
    • Clark, I. 1993. Individual Transferable Quotas: The New Zealand Experience. Marine Policy 17(5):340-42.
    • (1993) Marine Policy , vol.17 , Issue.5 , pp. 340-342
    • Clark, I.1
  • 11
    • 0343478501 scopus 로고
    • The development and implementation of new Zealand's ITQ management system
    • P. Neher, R. Arnason, and N. Mollett, eds. NATO: ASI Series
    • Clark, I.N., P.J. Major, and N. Mollett. 1989. The Development and Implementation of New Zealand's ITQ Management System. Rights Based Fishing, P. Neher, R. Arnason, and N. Mollett, eds. NATO: ASI Series.
    • (1989) Rights Based Fishing
    • Clark, I.N.1    Major, P.J.2    Mollett, N.3
  • 13
    • 84977360595 scopus 로고
    • Market risk adjustment in project valuation
    • Constantinides, G.M. 1978. Market Risk Adjustment in Project Valuation. Journal of Finance XXXIII(2):603-16.
    • (1978) Journal of Finance , vol.33 , Issue.2 , pp. 603-616
    • Constantinides, G.M.1
  • 14
    • 0032324574 scopus 로고    scopus 로고
    • Optimal timing of a mine expansion: Implementing a real options model
    • Cortazar, G., and J. Casassus. 1998. Optimal Timing of a Mine Expansion: Implementing a Real Options Model. The Quarterly Review of Economics and Finance 38:755-69. (Pubitemid 128180049)
    • (1998) Quarterly Review of Economics and Finance , vol.38 , Issue.3 PART.1 , pp. 755-769
    • Cortazar, G.1    Casassus, J.2
  • 15
    • 21344480873 scopus 로고
    • A compound option model of production and intermediate inventories
    • Cortazar, G., and E.S. Schwartz. 1993. A Compound Option Model of Production and Intermediate Inventories. Journal of Business 66(4):517-40.
    • (1993) Journal of Business , vol.66 , Issue.4 , pp. 517-540
    • Cortazar, G.1    Schwartz, E.S.2
  • 16
    • 54649084419 scopus 로고    scopus 로고
    • Optimal investment and production decisions and the value of the firm
    • Cortazar, G., E.S. Schwartz, and A. Löwener. 1998. Optimal Investment and Production Decisions and the Value of the Firm. Review of Derivatives Research 2(1):39-57.
    • (1998) Review of Derivatives Research , vol.2 , Issue.1 , pp. 39-57
    • Cortazar, G.1    Schwartz, E.S.2    Löwener, A.3
  • 17
    • 0032138633 scopus 로고    scopus 로고
    • Evaluating environmental investments: A real options approach
    • Cortazar, G., E.S. Schwartz, and M. Salinas. 1998. Evaluating Environmental Investments: A Real Options Approach. Management Science 44(8):1059-70. (Pubitemid 128569651)
    • (1998) Management Science , vol.44 , Issue.8 , pp. 1059-1070
    • Cortazar, G.1    Schwartz, E.S.2    Salinas, M.3
  • 18
    • 0029960671 scopus 로고    scopus 로고
    • Theory and practice of ITQs in Iceland. Privatization of common fishing rights
    • Eythórson, E. 1996. Theory and Practice of ITQs in Iceland. Privatization of Common Fishing Rights. Marine Policy 20(3):269-81.
    • (1996) Marine Policy , vol.20 , Issue.3 , pp. 269-281
    • Eythórson, E.1
  • 19
    • 0030480533 scopus 로고    scopus 로고
    • Questioning the assumptions of the "Tragedy of the commons" model of fisheries
    • Feeny, D., S. Hanna, and A.F. McEvoy. 1996. Questioning the Assumptions of the "Tragedy of the Commons" Model of Fisheries. Land Economics 72(2):187-205.
    • (1996) Land Economics , vol.72 , Issue.2 , pp. 187-205
    • Feeny, D.1    Hanna, S.2    McEvoy, A.F.3
  • 20
    • 84944839400 scopus 로고
    • Valuation by approximation: A comparison of alternative option valuation techniques
    • Geske, R., and K. Shastri. 1985. Valuation by Approximation: A Comparison of Alternative Option Valuation Techniques. Journal of Financial and Quantitative Analysis 20:45-71.
    • (1985) Journal of Financial and Quantitative Analysis , vol.20 , pp. 45-71
    • Geske, R.1    Shastri, K.2
  • 21
    • 0001418901 scopus 로고
    • The economic theory of a common property resource: The fishery
    • Gordon, H.S. 1954. The Economic Theory of a Common Property Resource: The Fishery. Journal of Political Economy 62:124-42.
    • (1954) Journal of Political Economy , vol.62 , pp. 124-142
    • Gordon, H.S.1
  • 22
    • 0029749119 scopus 로고    scopus 로고
    • Individual transferable quotas: Theory and practice
    • Grafton, R.Q. 1996. Individual Transferable Quotas: Theory and Practice. Reviews in Fish Biology and Fisheries 6:5-20.
    • (1996) Reviews in Fish Biology and Fisheries , vol.6 , pp. 5-20
    • Grafton, R.Q.1
  • 23
    • 0014413249 scopus 로고
    • The tragedy of the commons
    • Hardin, G. 1968. The Tragedy of the Commons. Science 162:1243-48.
    • (1968) Science , vol.162 , pp. 1243-1248
    • Hardin, G.1
  • 24
    • 0004757313 scopus 로고    scopus 로고
    • Legal but controversial: Quota hopping, the CFP and the treaty of rome
    • D. Symes, ed. Malden, MA: Fishing New Books, Oxford: Blackwell Science
    • Hoefnagel, E. 1998. Legal but Controversial: Quota Hopping, the CFP and the Treaty of Rome. Property Rights and Regulatory Systems, D. Symes, ed. Malden, MA: Fishing New Books, Oxford: Blackwell Science.
    • (1998) Property Rights and Regulatory Systems
    • Hoefnagel, E.1
  • 26
    • 84971945645 scopus 로고
    • Valuing derivative securities using the explicit finite difference method
    • Hull, J., and A. White. 1990. Valuing Derivative Securities Using the Explicit Finite Difference Method. Journal of Financial and Quantitative Analysis 25:87-100.
    • (1990) Journal of Financial and Quantitative Analysis , vol.25 , pp. 87-100
    • Hull, J.1    White, A.2
  • 28
    • 21344497329 scopus 로고
    • Case studies on real options
    • Kemma, A.G.Z. 1993. Case Studies on Real Options. Financial Management 22:259-70.
    • (1993) Financial Management , vol.22 , pp. 259-270
    • Kemma, A.G.Z.1
  • 29
    • 0041790943 scopus 로고    scopus 로고
    • Option Value of Harvesting: Theory and Evidence
    • Li, E. 1998. Option Value of Harvesting: Theory and Evidence. Marine Resource Economics 13:135-42. (Pubitemid 128140716)
    • (1998) Marine resource economics , vol.13 , Issue.2 , pp. 135-142
    • Li, E.1
  • 31
    • 38249037059 scopus 로고
    • Time to build, option value, and investment decisions
    • Majd, S., and R.S. Pindyck. 1987. Time to Build, Option Value, and Investment Decisions. Journal of Financial Economics 18:7-27.
    • (1987) Journal of Financial Economics , vol.18 , pp. 7-27
    • Majd, S.1    Pindyck, R.S.2
  • 32
    • 0030197582 scopus 로고    scopus 로고
    • Toward a more complete model of individual transferable fishing quotas: Implications of incorporating the processing sector
    • DOI 10.1006/jeem.1996.0035
    • Matulich, S.C., R.C. Mittelhammer, and C. Reberte. 1996. Toward a More Complete Model of Individual Transferable Fishing Quotas: Implications of Incorporating the Processing Sector. Journal of Environmental Economics and Management 31:112-28. (Pubitemid 26310628)
    • (1996) Journal of Environmental Economics and Management , vol.31 , Issue.1 , pp. 112-128
    • Matulich, S.C.1    Mittelhammer, R.C.2    Reberte, C.3
  • 33
    • 0032833498 scopus 로고    scopus 로고
    • Reconsidering the initial allocation of ITQs: The search for a pareto-safe allocation between fishing and processing sectors
    • Matulich, S.C., and M. Sever. 1999. Reconsidering the Initial Allocation of ITQs: The Search for a Pareto-Safe Allocation between Fishing and Processing Sectors. Land Economics 75(2): 203-19. (Pubitemid 29490223)
    • (1999) Land Economics , vol.75 , Issue.2 , pp. 203-219
    • Matulich, S.C.1    Sever, M.2
  • 34
    • 0000704002 scopus 로고
    • Investment and the valuation of firms when there is an option to shut down
    • McDonald, R.L., and D.R. Siegel. 1985. Investment and the Valuation of Firms when there is an Option to Shut Down. International Economic Review 26(2):331-49.
    • (1985) International Economic Review , vol.26 , Issue.2 , pp. 331-349
    • McDonald, R.L.1    Siegel, D.R.2
  • 38
    • 85039646885 scopus 로고    scopus 로고
    • Ph.D. Dissertation, Gestión y Valoración de una pesquería con incertidumbres biológica y económica bajo propietario único y propiedad común. Universidad del País Vasco, Spain
    • Murillas, A. 2001a. Uncertainty and Real Options: Investment and Development of Fishing Resources. Ph.D. Dissertation, Gestión y Valoración de una pesquería con incertidumbres biológica y económica bajo propietario único y propiedad común. Universidad del País Vasco, Spain.
    • (2001) Uncertainty and Real Options: Investment and Development of Fishing Resources
    • Murillas, A.1
  • 39
    • 85039642560 scopus 로고    scopus 로고
    • Ph.D. Dissertation, Gestión y Valoración de una pesquería con incertidumbres biológica y económica bajo propietario único y propiedad común. Universidad del País Vasco, Spain
    • -. 2001b. Sole Ownership and Common Property under Management Flexibility. Ph.D. Dissertation, Gestión y Valoración de una pesquería con incertidumbres biológica y económica bajo propietario único y propiedad común. Universidad del País Vasco, Spain.
    • (2001) Sole Ownership and Common Property Under Management Flexibility
    • Murillas, A.1
  • 40
    • 0004064080 scopus 로고    scopus 로고
    • National Research Council (U.S.) Committee to Review Individual Fishing Quotas, Ocean Studies Board, Commission on Geosciences, Environment, and Resources. Washington: National Academy Press
    • National Research Council (U.S.). 1999. Sharing the Fish: Toward a National Policy on Individual Fishing Quotas. Committee to Review Individual Fishing Quotas, Ocean Studies Board, Commission on Geosciences, Environment, and Resources. Washington: National Academy Press.
    • (1999) Sharing the Fish: Toward a National Policy on Individual Fishing Quotas
  • 41
    • 0004139148 scopus 로고
    • NATO ASI Series E: Applied Sciences 169. Dordrecht: Kluwer Academic Publishers
    • Neher, P.A., R. Arnason, and N. Mollett. 1989. Rights Based Fishing. NATO ASI Series E: Applied Sciences 169. Dordrecht: Kluwer Academic Publishers.
    • (1989) Rights Based Fishing
    • Neher, P.A.1    Arnason, R.2    Mollett, N.3
  • 43
    • 84959850844 scopus 로고
    • Option valuation of claims on real assets: The case of offshore petroleum leases
    • Paddock, J.L., D.R. Siegel, and J.L. Smith. 1988. Option Valuation of Claims on Real Assets: The Case of Offshore Petroleum Leases. Quarterly Journal of Economics CIII(3):479-508.
    • (1988) Quarterly Journal of Economics , vol.103 , Issue.3 , pp. 479-508
    • Paddock, J.L.1    Siegel, D.R.2    Smith, J.L.3
  • 44
    • 0006517892 scopus 로고
    • Property rights and regulation of commercial fisheries
    • Pearse, P.H. 1980. Property Rights and Regulation of Commercial Fisheries. Journal of Business Administration 11(1-2):185-209.
    • (1980) Journal of Business Administration , vol.11 , Issue.1-2 , pp. 185-209
    • Pearse, P.H.1
  • 45
    • 0000281418 scopus 로고
    • Irreversibility, uncertainty, and investment
    • Pindyck, R.S. 1991. Irreversibility, Uncertainty, and Investment. Journal of Economic Literature XXIX:1110-48.
    • (1991) Journal of Economic Literature , vol.29 , pp. 1110-1148
    • Pindyck, R.S.1
  • 46
    • 0003281002 scopus 로고
    • Management regimes in ocean fisheries
    • S.W. Bromley, ed. Oxford: Blackwell Handbooks in Economics
    • Rettig, R.B. 1995. Management Regimes in Ocean Fisheries. The Handbook of Environmental Economics, S.W. Bromley, ed. Oxford: Blackwell Handbooks in Economics.
    • (1995) The Handbook of Environmental Economics
    • Rettig, R.B.1
  • 47
    • 0000672367 scopus 로고
    • Some considerations of population dynamics and economics in relation to the management of marine fisheries
    • Schaefer, M.B. 1957. Some Considerations of Population Dynamics and Economics in Relation to the Management of Marine Fisheries. Journal of Fisheries Research Board of Canada 14(5):669-81.
    • (1957) Journal of Fisheries Research Board of Canada , vol.14 , Issue.5 , pp. 669-681
    • Schaefer, M.B.1
  • 48
    • 0027037919 scopus 로고
    • Property-rights regimes and natural resources: A conceptual analysis
    • Schlager, E., and E. Ostrom. 1992. Property Rights Regimes and Natural Resources: A Conceptual Analysis. Land Economics 68(3):249-62. (Pubitemid 23365792)
    • (1992) Land Economics , vol.68 , Issue.3 , pp. 249-262
    • Schlager, E.1    Ostrom, E.2
  • 49
    • 0001109955 scopus 로고
    • The fishery: The objectives of sole ownership
    • Scott, A. 1955. The Fishery: The Objectives of Sole Ownership. Journal of Political Economy 63:116-24.
    • (1955) Journal of Political Economy , vol.63 , pp. 116-124
    • Scott, A.1
  • 50
    • 0001932799 scopus 로고
    • Conceptual origins of rights based fishing
    • P.A. Neher, R. Arnason, and N. Mollett, eds. NATO ASI Series. Dordrecht: Kluwer Academic Publishers
    • -. 1989. Conceptual Origins of Rights Based Fishing. Rights Based Fishing, P.A. Neher, R. Arnason, and N. Mollett, eds. NATO ASI Series. Dordrecht: Kluwer Academic Publishers.
    • (1989) Rights Based Fishing
    • Scott, A.1
  • 51
    • 0038414780 scopus 로고    scopus 로고
    • Property rights, regulatory measures and the strategic response of fishermen
    • D. Symes, ed., Malden, MA: Fishing New Books; Oxford: Blackwell Science
    • Symes, D. 1998. Property Rights, Regulatory Measures and the Strategic Response of Fishermen. Property Rights and Regulatory Systems, D. Symes, ed., Malden, MA: Fishing New Books; Oxford: Blackwell Science.
    • (1998) Property Rights and Regulatory Systems
    • Symes, D.1
  • 53
    • 0000576599 scopus 로고
    • An option valuation analysis of investment choices by a regulated firm
    • Teisberg, E.O. 1994. An Option Valuation Analysis of Investment Choices by a Regulated Firm. Management Science 40(4):535-48.
    • (1994) Management Science , vol.40 , Issue.4 , pp. 535-548
    • Teisberg, E.O.1
  • 54
    • 0025626139 scopus 로고
    • Entry restrictions in the fishery: A survey of the evidence
    • Townsend, R.E. 1990. Entry Restrictions in the Fishery: A Survey of the Evidence. Land Economics 66(4):359-78.
    • (1990) Land Economics , vol.66 , Issue.4 , pp. 359-378
    • Townsend, R.E.1
  • 55
    • 0028802634 scopus 로고
    • Transferable dynamic stock rights
    • -. 1995. Transferable Dynamic Stock Rights. Marine Policy 19(2):153-58.
    • (1995) Marine Policy , vol.19 , Issue.2 , pp. 153-158
    • Townsend, R.E.1
  • 56
    • 0012738920 scopus 로고
    • Distributed governance in fisheries
    • S. Hanna and M. Munasinghe, eds. Stockholm: Beijer International Institute of Ecological Economics and The World Bank
    • Townsend, R.E., and S.G. Pooley. 1995. Distributed Governance in Fisheries. Property Rights and the Environmental, Social and Ecological Issues, S. Hanna and M. Munasinghe, eds. Stockholm: Beijer International Institute of Ecological Economics and The World Bank.
    • (1995) Property Rights and the Environmental, Social and Ecological Issues
    • Townsend, R.E.1    Pooley, S.G.2
  • 57
    • 0003553294 scopus 로고    scopus 로고
    • Cambridge, MA: The MIT Press
    • Trigeorgis, L. 1996. Real Options. Cambridge, MA: The MIT Press.
    • (1996) Real Options
    • Trigeorgis, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.