Table 17.5 demonstrated that while the signs of partial derivatives for open access and static private property
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Table 17.5 demonstrated that while the signs of partial derivatives for open access and static private property were identical for the steady-state equilibrium stock and effort, for the steady-state harvest level three of the partial derivatives that could not be signed under open-access conditions can be signed under the (static) private-property case. What intuition can be used to explain this additional determinacy in the private-property case?
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Natural Resource And Environmental Economics
ISBN: 9780321417534
4th Edition
Authors: Roger Perman, Yue Ma, Michael Common, David Maddison, James McGilvray
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