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Common Property, Resource Rent And Uncertainty: With An Application To The New England Groundfish Fleet

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  • Greenwood, Peter H.

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.

Suggested Citation

  • Greenwood, Peter H., 1981. "Common Property, Resource Rent And Uncertainty: With An Application To The New England Groundfish Fleet," 1981 Annual Meeting, July 26-29, Clemson, South Carolina 279439, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea81:279439
    DOI: 10.22004/ag.econ.279439
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    File URL: https://ageconsearch.umn.edu/record/279439/files/aaea-1981-162.pdf
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    1. Fisher, Anthony C, 1973. "Environmental Externalities and the Arrow-Lind Public Investment Theorem," American Economic Review, American Economic Association, vol. 63(4), pages 722-725, September.
    2. Loistl, Otto, 1976. "The Erroneous Approximation of Expected Utility by Means of a Taylor's Series Expansion: Analytic and Computational Results," American Economic Review, American Economic Association, vol. 66(5), pages 904-910, December.
    3. Kenneth J. Arrow & Robert C. Lind, 1974. "Uncertainty and the Evaluation of Public Investment Decisions," Palgrave Macmillan Books, in: Chennat Gopalakrishnan (ed.), Classic Papers in Natural Resource Economics, chapter 3, pages 54-75, Palgrave Macmillan.
    4. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Palgrave Macmillan Books, in: Chennat Gopalakrishnan (ed.), Classic Papers in Natural Resource Economics, chapter 9, pages 178-203, Palgrave Macmillan.
    5. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62(2), pages 124-124.
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