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Article: To Some Chesapeake Crabbers, a $50 Document Is Priceless; Despite Industry's Woes, Many Watermen Refuse to Sell Symbol of Old Way of Life
- Article from:
- The Washington Post
- Article date:
- August 24, 2009
- Author:
CopyrightCopyright 2009 The Washington Post. This material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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The Chesapeake Bay, raked by storms and swimming with things that
pinch and sting, has always been brutal on wooden boats, old
lighthouses and ungloved fingers.
Turns out it's equally treacherous for economists.
Maryland officials enlisted the help of PhDs this summer, trying
to use modern economic theory to solve a problem that has been
brewing for 40 years. There are too few blue crabs in the bay and
too many watermen licensed to catch them.
The economists' solution: a "reverse auction." The state would
buy some licenses back, and each crabber could name his price.
It didn't work. Last week, the state gave up on the auction,
saying the bids were too few and too high.
State officials found ...