The “Rent Drain”: A Good Measure of the Gains from Better Resource Management?

RÖGNVALDUR HANNESSON

doi:10.5950/0738-1360-25.1.3

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RÖGNVALDUR HANNESSON^1,*

¹The Norwegian School of Economics and Business Administration

^*Rögnvaldur Hannesson is a professor at The Norwegian School of Economics and Business Administration, Helleveien 30, N-5045 Bergen, Norway (email: rognvaldur.hannesson@nhh.no).

Abstract

Rent loss in mismanaged world fisheries has been suggested by some international organizations as a measure of the economic loss involved. How appropriate is this in view of standard welfare measures, such as loss of utility or willingness to pay? Results due to Samuelson and Weitzman indicating that users of common property resources will lose from a transition from open access to sole ownership unless rents are redistributed are shown not to be generally valid in a general equilibrium setting.

JEL Classification Codes: Q22, D61

Citation Download Citation

RÖGNVALDUR HANNESSON "The “Rent Drain”: A Good Measure of the Gains from Better Resource Management?," Marine Resource Economics 25(1), 3-10, (1 March 2010). https://doi.org/10.5950/0738-1360-25.1.3

Published: 1 March 2010