Property Rights in a Fishery: Regulatory Change and Firm Performance

A new method is introduced and applied to analyse changes in productivity of firms harvesting a natural capital stock. The index-number technique decomposes the contributions of output prices, variable input prices, fixed inputs and productivity to firm profits, adjusted for changes in the natural capital stock. An application of the method is given using micro-level data from a common-pool resource. The indexes provide a ready-made comparison of all firms to the most profitable firm per unit of resource stock. Benchmarking with the decompositions also allows firms and regulators to determine what components are contributing most to economic profits and improve overall industry performance.productivity,profits,natural capital,index numbers

Better safe than sorry: Risky function exploitation through safe optimization

Exploration-exploitation of functions, that is learning and optimizing a mapping between inputs and expected outputs, is ubiquitous to many real world situations. These situations sometimes require us to avoid certain outcomes at all cost, for example because they are poisonous, harmful, or otherwise dangerous. We test participants' behavior in scenarios in which they have to find the optimum of a function while at the same time avoid outputs below a certain threshold. In two experiments, we find that Safe-Optimization, a Gaussian Process-based exploration-exploitation algorithm, describes participants' behavior well and that participants seem to care firstly whether a point is safe and then try to pick the optimal point from all such safe points. This means that their trade-off between exploration and exploitation can be seen as an intelligent, approximate, and homeostasis-driven strategy.Comment: 6 pages, submitted to Cognitive Science Conferenc

Water Scarcity and Water Markets: A Comparison of Institutions and Practices in the Murray-Darling Basin of Australia and the Western US

Water markets in Australia’s Murray-Darling Basin (MDB) and the US west are compared in terms of their ability to allocate scarce water resources among competing uses. Both locations have been in the forefront of the development of water markets with defined water rights and conveyance structures to assist in the reallocation of water across competing demands. They also share the challenge of managing water with climate variability and climate change. As these two markets occur in developed, wealthy countries, their experiences in water markets with different water rights (appropriative, riparian and statutory rights) provide ‘best-case’ scenarios of what institutional arrangements work best, indicate which are less effective, and demonstrate what might be possible for greater use of water markets elsewhere in the world. The paper finds that the gains from trade in the MDB is worth hundreds of millions of dollars in per year, total turnover in water rights exceeds $2 billion per year and the volume of trade accounts for over 20$4.3 billion (2008 $) spent or committed by urban buyers between 1987 and 2008. Despite the clear benefits of water markets in both locations, there are on-going restrictions to trade that limit the potential gains and also third-party effects from use that require resolution.

A Comparative Assessment of Water Markets: Insights from the Murray-Darling Basin of Australia and the Western US

Water markets in Australia’s Murray-Darling Basin (MDB) and the US west are compared in terms of their ability to allocate scarce water resources. The study finds that the gains from trade in the MDB are worth hundreds of millions of dollars per year. Total market turnover in water rights exceeds $2 billion per year while the volume of trade exceeds over 20$4.3 billion (2008 $) spent or committed by urban buyers between 1987 and 2008. The two-market comparison suggests that policy attention should be directed towards ways to promote water trade while simultaneously mitigating the legitimate thirdparty concerns about how and where water is used, especially conflicts between consumptive and in situ uses of water. The study finds that institutional innovation is feasible in both countries and that further understanding about the size, duration, and distribution of third-party effects from water trade, and how these effects might be regulated, can improve water markets to better manage water scarcity.water markets, US west, Murray-Darling Basin, gains from trade

The Skyrme Energy Functional and Naturalness

Recent studies show that successful relativistic mean-field models of nuclei are consistent with naive dimensional analysis and naturalness, as expected in low-energy effective field theories of quantum chromodynamics. The nonrelativistic Skyrme energy functional is found to have similar characteristics.Comment: 8 pages, REVTeX 3.0 with epsf.sty, plus 2 figure

Structure and dynamics of the Shapley Supercluster

We present results of our wide-field redshift survey of galaxies in a 285 square degree region of the Shapley Supercluster (SSC), based on a set of 10529 velocity measurements (including 1201 new ones) on 8632 galaxies obtained from various telescopes and from the literature. Our data reveal that the main plane of the SSC (v~ 14500 km/s) extends further than previous estimates, filling the whole extent of our survey region of 12~degrees by 30~degrees on the sky (30 x 75~h-1 Mpc). There is also a connecting structure associated with the slightly nearer Abell~3571 cluster complex (v~ 12000km/s. These galaxies seem to link two previously identified sheets of galaxies and establish a connection with a third one at V= 15000 km/s near R.A.= 13h. They also tend to fill the gap of galaxies between the foreground Hydra-Centaurus region and the more distant SSC. In the velocity range of the Shapley Supercluster (9000 km/s < cz < 18000 km/s), we found redshift-space overdensities with b\_j < 17.5 of ~5.4 over the 225 square degree central region and ~3.8 in a 192 square degree region excluding rich clusters. Over the large region of our survey, we find that the intercluster galaxies make up 48 per cent of the observed galaxies in the SSC region and, accounting for the different completeness, may contribute nearly twice as much mass as the cluster galaxies. In this paper, we discuss the completeness of the velocity catalogue, the morphology of the supercluster, the global overdensity, and some properties of the individual galaxy clusters in the Supercluster.Comment: Accepted for publication in Astronomy and Astrophysic

Civic and Political Leadership Education

Unique in its demands as a system of governance, democracy requires active citizen leadership to be successful. Citizen leadership, in turn, requires engagement based on knowledge and action. Therefore, civic and political education is essential to the success of any democracy. This article discusses a model of applied political and civic leadership education that is based in theory, yet practical to the lives of young people. Surveys of past participants demonstrate that after the program, participants are more confident that they have the skills to become involved in politics and in community life

Comparative Assessment of Water markets: Insights from the Murray-Darling Basin of Australia and the Western USA

Water markets in Australia\u27s Murray–Darling Basin (MDB) and the western USA are compared in terms of their ability to allocate scarce water resources. The study finds that the gains from trade in the MDB are worth hundreds of millions of dollars per year (note that all monetary units of dollars in this article are treated as US$because Australian$ are converted at par). Total market turnover in water rights exceeds US$2 billion per year while the volume of trade exceeds over 20$4.3 billion (2008 US$; monetary units in dollars are expressed in their value in US$ in 2008) spent or committed by urban buyers between 1987 and 2008. The two-market comparison suggests that policy attention should be directed towards ways of promoting water trade while simultaneously mitigating the legitimate third party concerns about how and where water is used, especially in conflicts between consumptive and in situ uses of water. The study finds that institutional innovation is feasible in both countries and that further understanding about the size, duration an