江深哲|191期雙周學術論壇：On the Pacific Salmon Treaty

一、主題：On the Pacific Salmon Treaty

二、主講人：江深哲，美國德克薩斯州農工大學經濟學博士，南開大學金融學碩士，上海交通大學物理學學士，主要研究領域為觀經濟學、動态合同、資産定價、貨币經濟學。

三、時間：2017年2月22日（周三），12:30-13:30

四、地點：學院南路校區主教學樓910會議室

五、主持人：黃志剛，bevictor伟德官网副教授

ABSTRACT: This paper studies the optimal design of the Pacific Salmon Treaty, which was signed by the U.S. and Canada in 1999 to share salmon on the Pacific coast. Moral hazard exists because countries may steal from each other. If a country’s observed output is suspiciously too high, the treaty either reduces the country’s future share, or asks the country to make a monetary transfer to its opponent. A calibrated version of our model shows that it is optimal for the U.S. to pay Canada $244.9 million every 25.3 years. Switching to the optimal contract improves the total welfare by 1.47%.