Martin D. Smith

Journal article Journal of the Association of Environmental and Resource Economists · May 1, 2024 Featured Work Much of the recent work evaluating economic impacts of rights-based management (“catch shares”) in fisheries relies on treatment effects models, which typically identify net effects of the policy change but not underlying causal mechanisms. We develop a st ... Full text Cite

Policy and market forces delay real estate price declines on the US coast.

Journal article Nature communications · March 2024 Featured Work Despite increasing risks from sea-level rise (SLR) and storms, US coastal communities continue to attract relatively high-income residents, and coastal property values continue to rise. To understand this seeming paradox and explore policy responses, we de ... Full text Cite

Unraveling complex causal processes that affect sustainability requires more integration between empirical and modeling approaches.

Journal article Proceedings of the National Academy of Sciences of the United States of America · October 2023 Featured Work Scientists seek to understand the causal processes that generate sustainability problems and determine effective solutions. Yet, causal inquiry in nature-society systems is hampered by conceptual and methodological challenges that arise from nature-society ... Full text Cite

Economics of Aquatic Foods: Combining Bioeconomics and Market Analysis to Inform Regulations That Deliver Value

Journal article Marine Resource Economics · October 1, 2023 Featured Work Bioeconomic modeling and seafood market analysis both have rich intellectual traditions that have contrib-uted insights to understanding the economics of aquatic foods. This paper argues that these traditions, which developed mostly in parallel, should be ... Full text Cite

Do Catch Shares Increase Prices? Evidence from US Fisheries

Journal article Marine Resource Economics · July 1, 2023 Featured Work Rights-based management of fishery resources theoretically allows firms to minimize the cost of extraction without the threat that other harvesters will take their allocations, but added flexibility also allows firms to exploit revenue margins such that fi ... Full text Cite

China's seafood imports-Not for domestic consumption?

Journal article Science (New York, N.Y.) · January 2022 Featured Work [Figure: see text]. ... Full text Cite

Subsidies, efficiency, and fairness in fisheries policy.

Journal article Science (New York, N.Y.) · April 2019 Featured Work Full text Cite

Causal inference in coupled human and natural systems.

Journal article Proceedings of the National Academy of Sciences of the United States of America · March 2019 Featured Work Coupled human and natural systems (CHANS) are complex, dynamic, interconnected systems with feedback across social and environmental dimensions. This feedback leads to formidable challenges for causal inference. Two significant challenges involve assumptio ... Full text Cite

Viewpoint: Induced Innovation in Fisheries and Aquaculture

Journal article Food Policy · April 1, 2018 Featured Work Some classical economists, most notably Malthus, predicted that scarcity would undermine long-term human well-being. John Stuart Mill, in contrast, predicted that the threat of scarcity creates incentives for innovation that help to avoid some of the worst ... Full text Cite

Catch shares slow the race to fish.

Journal article Nature · April 2017 Featured Work In fisheries, the tragedy of the commons manifests as a competitive race to fish that compresses fishing seasons, resulting in ecological damage, economic waste, and occupational hazards. Catch shares are hypothesized to halt the race by securing each indi ... Full text Cite

Seafood prices reveal impacts of a major ecological disturbance.

Journal article Proceedings of the National Academy of Sciences of the United States of America · February 2017 Featured Work Coastal hypoxia (dissolved oxygen ≤ 2 mg/L) is a growing problem worldwide that threatens marine ecosystem services, but little is known about economic effects on fisheries. Here, we provide evidence that hypoxia causes economic impacts on a major fishery. ... Full text Open Access Cite

The Dynamic Efficiency Costs of Common-Pool Resource Exploitation

Journal article American Economic Review · 2014 Featured Work Full text Open Access Cite

The New Fisheries Economics: Incentives Across Many Margins

Journal article ANNUAL REVIEW OF RESOURCE ECONOMICS, VOL 4 · 2012 Featured Work Full text Link to item Cite

Estimation of a generalized fishery model: A two-stage approach

Journal article Review of Economics and Statistics · 2011 Featured Work U.S. federal law calls for an end to overfishing, but measuring overfishing requires knowledge of bioeconomic parameters. Using microlevel economic data from the commercial fishery, this paper proposes a two-stage approach to estimate these parameters for ... Full text Cite

Genetically Modified Salmon and Full Impact Assessment

Journal article Science · November 2010 Featured Work Link to item Cite

Political economy of marine reserves: understanding the role of opportunity costs.

Journal article Proc Natl Acad Sci U S A · October 26, 2010 Featured Work The creation of marine reserves is often controversial. For decisionmakers, trying to find compromises, an understanding of the timing, magnitude, and incidence of the costs of a reserve is critical. Understanding the costs, in turn, requires consideration ... Full text Link to item Cite

The economics of spatial-dynamic processes: Applications to renewable resources

Journal article Journal of Environmental Economics and Management · 2009 Featured Work Spatial-dynamic processes in renewable resource economics pose difficult conceptual, analytical, empirical, and institutional challenges that are distinct from either spatial or dynamic problems. We describe the challenges and conceptual approaches using b ... Full text Cite

Beach nourishment as a dynamic capital accumulation problem

Journal article Journal of Environmental Economics and Management · 2009 Featured Work Beach nourishment is a common coastal management strategy used to combat erosion along sandy coastlines. It involves building out a beach with sand dredged from another location. This paper develops a positive model of beach nourishment and generates testa ... Full text Cite