Fishing industry borrows from natural capital at high shadow interest rates

Arrow, 1970, Public Investment, the Rate of Return, and Optimal Fiscal Policy Bank, 2008, The Sunken Billions Beddington, 2007, Current problems in the management of marine fisheries, Science, 316, 1713, 10.1126/science.1137362 Bjørndal, 1987, The dynamics of an open access fishery, Canadian Journal of Economics, 20, 74, 10.2307/135232 Bulte, 1998, Dynamic and static approaches to mixed good management: the case of minke whales in the Northeast Atlantic, European Review of Agricultural Economics, 25, 73, 10.1093/erae/25.1.73 Clark, 2010 Clark, 1975, The economics of fishing and modern capital theory: a simplified approach, Journal of Environmental Economics and Management, 2, 92, 10.1016/0095-0696(75)90002-9 Copes, 1972, Factor rents, sole ownership and the optimum level of fisheries exploitation, The Manchester School of Economic & Social Studies, 40, 145, 10.1111/j.1467-9957.1972.tb01106.x Dickey, 1979, Distribution of the estimators for autoregressive time series with a unit root, Journal of the American Statistical Association, 84, 427 Dickson, 1993, Effects of a changing windfield on cod stocks of the North Atlantic, Fisheries Oceanography, 2, 124, 10.1111/j.1365-2419.1993.tb00130.x EC, 1999 EC, 2008 EC, 2009 EC, 2011 FAO, 2011 Froese, 2008, The continuous smooth hockey stick: a newly proposed spawner-recruitment model, Journal of Applied Ichthyology, 24, 703, 10.1111/j.1439-0426.2008.01187.x Froese, 2010, Rebuilding fish stocks no later than 2015: will Europe meet the deadline?, Fish and Fisheries, 11, 194, 10.1111/j.1467-2979.2009.00349.x Froese, 2012, Evaluation and legal assessment of certified seafood, Marine Policy, 10.1016/j.marpol.2012.03.017 ICES, 2010, Report of the ICES Advisory Committee, 2010. ICES Advice, 2010 ICES, 2010 ICES, 2011 ICES, 2011, Report of the Workshop on the Analysis of the Benchmark of Cod in Subarea IV (North Sea), 51 Johansen, 1991, Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models, Econometrica, 59, 1551, 10.2307/2938278 Kronbak, 2005, The dynamics of an open-access fishery: Baltic Sea cod, Marine Resource Economics, 19, 459, 10.1086/mre.19.4.42629447 MacKinnon, 1994, Approximate asymptotic distribution functions for unitroot and cointegration tests, Journal of Business and Economic Statistics, 12, 167 Nostbakken, 2008, Stochastic modelling of the North Sea herring fishery under alternative management regimes, Marine Resource Economics, 22, 63 Nostbakken, 2003, Supply functions for North Sea herring, Marine Resource Economics, 18, 345, 10.1086/mre.18.4.42629407 Pauly, 2012, Comments on FAO's State of Fisheries and Aquaculture, or ‘SOFIA 2010’, Marine Policy, 36, 746, 10.1016/j.marpol.2011.10.021 Quaas, M.F. and Requate, T. forthcoming. Sushi or Fish Fingers? Seafood Diversity, Collapsing Fish Stocks, and Multi-species Fishery Management. Scandinavian Journal of Economics, http://econstor.eu/bitstream/10419/55826/1/687787769.pdf. Reed, 1979, Optimal escapement levels in stochastic and deterministic harvesting models, Journal of Environmental Economics and Management, 6, 350, 10.1016/0095-0696(79)90014-7 Samuelson, 1937, Some aspects of the pure theory of capital, Quarterly Journal of Economics, 51, 469, 10.2307/1884837 Spence, 1974, Blue whales and applied control theory, 97 STECF, 2010, The 2010 Annual Economic Report on the European Fishing Fleet Stoeven, 2012, Privatizing renewable resources: who gains, who loses? Tahvonen, 2009, Economics of harvesting age-structured fish populations, Journal of Environmental Economics and Management, 58, 281, 10.1016/j.jeem.2009.02.001 Turvey, 1964, Optimization and suboptimization in fishery regulation, American Economic Review, 54, 64 Van Kooten, 2000