In a biomass model a CES function generates an exploitation rate that is directly proportional to the scarcity of the resource: resources with less biomass are subjected to lower exploitation rates. In this paper we investigate the implications of introducing invariant ...

When individual stay/exit decisions depend on the opportunity cost of exiting, capital malleability is endogenously determined by the instruments used for stock rehabilitation. In a General Equilibrium framework, we characterize the transitional dynamics caused by stock...

When individual stay/exit decisions depend on the opportunity cost of exiting, capital malleability is endogenously determined by the instruments used for stock rehabilitation. In a General Equilibrium framework, we characterize the transitional dynamics caused by stock...