International Institutions for Management of the Oceans. Scott Barrett School of Advanced International Studies Johns Hopkins University. Overfishing is like a card game. $104. D. Card game: $5 if keep red card; $1 for every red card handed in by anyone. Suppose N = 100. $100. $5.
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International Institutions for Management of the Oceans
School of Advanced International Studies
Johns Hopkins University
$5 if keep red card;
$1 for every red card handed in by anyone.
Suppose N = 100.
Number of others that play Conserve
Seals were hunted and killed well outside the 3-mile limit.
How did it do this?
1.Created an aggregate surplus by banning pelagic sealing.
2.Used side payments to redistribute the surplus such that every party gained.
3.Deterred non-participation by means of a “linchpin” punishment.
4.Deterred non-compliance by making pelagic sealing a criminal offence.
5. Deterred entry by banning trade in non-authenticated skins.
“…as we know, there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say, we know there are some things we do not know. But there are also unknown unknowns—the ones we don’t know we don’t know.”