Theoretical analysis on cooperative resource management of internationally shared renewable resources

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It is quite important to manage fishery resources, which are a typical example of shared renewable resources, to prevent overexploitation in an economic model with international trade because fishery resources have been highly traded in recent years. We clarify how trade liberalization affects the level of fishery stocks and economic welfare with and without resource management. We derive the conditions for cooperative resource management between countries that share the same renewable resource.