Professor Hallwood’s Book Reviewed in Applied Economics Journal

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Economics of the OceansBook Review

Paul Hallwood, Economics of the Oceans: Rights, Rents and Resources. Oxon and New York: Routledge, Taylor & Francis Group. 298 pages. ISBN: 978-0-415-63911-8.

“Economics of the Oceans fills a critical gap between broad environmental economics texts and marine resource texts focused on only one resource. Its major strength is the ease with which Paul Hallwood blends background information, case studies and economic theory.

“Over fifty percent of the book is on non-fish resources and includes important ocean resource topics such as coral reef protection, mineral extraction, ocean pollution, maritime piracy and shipwreck recovery. The major strength of the book is the ease with which the author blends background information, interesting case studies and economic theory. The book is a great example of just how applicable basic microeconomic principles are to a range of policy issues (even in the often anarchic world of the ocean).

“The general theme of Economics of the Oceans is that property rights are what really matter in the ocean. This will come as no surprise to economists but the stark differences in outcomes across settings that differ primarily in terms of rights may surprise even the most ardent Coaseans. As an illustrative example, Hallwood cleverly compares and contrasts oil with fish. Offshore oil is heavily regulated in most countries with clear property rights and generates significant rents for host governments. Fish populations are poorly regulated in the waters of many countries with unclear property rights and generate little economic rents. Why this has come about and what can be done to remedy this situation is one of the key lessons in Economics of the Oceans.”

John Lynham, University of Hawai’i at Mānoa and Center for Ocean Solutions, Stanford University. (Applied Economics Journal Vol. 21 No. 2 (December 2014): 105-108).5

Professor Harmon on ‘Nontraditional Magic’ Panel

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ProfessorAAUP Harmon took part in the panel “Nontraditional Magic: Online and Service-Learning Pedagogy and Teaching,” joining panelists: Diana Rios, UConn Professor of Communication and El Instituto, and UConn Professor Carl Salsedo, Extension Educator, Horticulture, at the 2015 American Association of University Professors Conference on the State of Higher Education, Washington, D.C. June 11, 2015.

The roundtable focused on reconfiguring traditional “live” ways of learning and lecturing into another kind of “magic.” Contemporary “magic” refers to dynamic inspiration to share knowledge and to instigate learning among Millennials.

Professor Baggio Publishes in Environmental and Resource Economics and in Ecological Economics

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baggioProfessor Michele Baggio has had two papers published this spring:

“Optimal Fishery Management with Regime Shifts: An Assessment of Harvesting Strategies,” in Environmental and Resource Economics

“Modeling adaptation in multi-state resource systems,” with co-author Charles Perrings, in Ecological Economics.

 

Professor Hallwood Wins Outstanding Researcher Award

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hallwoodProfessor Paul Hallwood last week was awarded the Outstanding Researcher award by the Avery Point Director, Professor Marty Wood.  The prize is awarded annually to faculty including the science departments.

The citations mentioned that Professor Hallwood is the author of 10 books and about 70 papers in refereed journals, and that he is active in applied work – notably in redesigning a tax system for the Scottish government and earlier as an economic advisor to the Government of Saudi Arabia.

Professors Miceli and Segerson Cited in The Economist

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micelisegersonAn article on land assembly in developing countries published in the May 2nd-8th 2015 edition of The Economist cited a paper by economics professors Thomas Miceli and Kathleen Segerson. The article discusses problems developing countries face in assembling land for large-scale economic development projects.

The author writes, “A theoretical model set out in a paper published in 2011 by Thomas Miceli and Kathleen Segerson of the University of Connecticut shows that when a buyer has to negotiate in sequence with sellers of contiguous plots of land, the price of each successive sale will rise. Landowners know the project cannot proceed unless the buyer acquires all the plots he needs. The more he acquires, the greater the cost of abandoning the project. The ransom those yet to sell can demand increases accordingly.”

The article referred to is “Land Assembly and the Holdout Problem Under Sequential Bargaining,” which was published in the American Law and Economics Review, Vol. 14 (2012): 372-390.