Summary: | Understanding the e ect of introducing property rights to natural resources is central in economics, but empirical analysis is frustrated by the complexity of socioecological systems. We construct a detailed bio-economic model of the Norwegian coastal cod shery, which was closed after 1989, to isolate the e ect of environmental variability. We project stock and harvest forward in the counterfactual scenario of no intervention, showing that the policy had only a small positive impact on Stock biomass, but a pronounced positive e ect on pro ts. The main driver, uncovered by index-number decomposition, is savings in fuel and labor costs. Open access; Property rights; Quasi-experiment; Counterfactual control; Bio-economic modeling; Productivity; North-East Arctic cod;
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