JEL Classification Codes: Q26, Q22, C35

A dichotomous-choice contingent-valuation survey was conducted in the State of Mississippi (USA) to estimate willingness to pay (WTP) for three restoration options being considered for the state's barrier islands. Random-effects probit models were estimated, and parametric and non-parametric WTP estimates and confidence intervals were calculated. Turnbull lower-bound mean WTP was $22 per respondent to maintain the existing footprint over a 30-year period, $152 to restore 2,338 acres (pre- 1969 footprint), and $277 to restore 5,969 acres (pre-1900 footprint). Econometric results indicate that for the Pre-Camille and Pre-1900 options, coastal residents and those citing storm protection, recreation impact, and environmental impact as primary decision factors, were more likely to support restoration, with marginal effects of these greater for the Pre-Camille option. For the Status-Quo option, 75% of respondents voted in favor of restoration, and the offered bid was not significant; only the hurricane- protection and environmental-impact variables were significant for this option.

JEL Classification Codes: H41, Q24, Q26, Q51, Q57

A generic age-structured model for optimal harvesting is formulated and analyzed. The aim is to maximize utility from the harvest, net of effort cost. Yield depends on effort, catchability, and population age structure. The recruitment function is nonlinear. The age-structured model can be viewed as a generalization of the biomass approach. Comparison with the biomass model shows that the age-structured information influences the optimal steady-state population and harvest and the qualitative features of optimal transition. Pulse fishing or interior limit cycles are possible, but the optimal solution may represent a smooth, sustainable harvest even when the model is linear in effort. Linearity assumptions do not guarantee the optimality of constant escapement. If the age distribution is dominated by young age classes, the optimal yield may be lower with higher biomass. With knife-edge selectivity, the optimal steady state may become independent of the interest rate.

JEL Classification Codes: Q22, Q57, C61

International benefit transfer from developed countries is often used to evaluate international aid projects due to the lack of primary study in the policy country, particularly when the policy country is a developing one. Three surveys with the same protocol were carried out around the same time in a coastal city in China, Japan, and South Korea to determine which benefits can be most readily transferred and how much uncertainty accompanies transfers from one country to another. The mean transfer errors were in the range of 97 to 243%. The benefits of economic promotion seem to have more transferability than those of environmental improvement and risk reduction. The benefit transfers from the developed country (Japan) to the developing one (China) had fewer transfer errors than vice versa. These results suggest that more attention needs to be paid to the effect of environmental settings on international benefit transfer.

JEL Classification Codes: Q5, R5

Preliminary estimates of the value of individual processing quota in the Bristol Bay red king crab fishery are presented. Implications for processor participation in the benefits of crab rationalization are examined.

JEL Classification Codes: Q22, Q28, D61

JEL Classification Code: Q