1 Erratum to: Environ Resource Econ DOI 10.1007/s10640-016-0093-4

Proposition 2 (b) contains a typographical error. It should read as follows:

(b) A reduction in \(\phi \) reduces the management level \( m^{\infty } \, (dm^{\infty } /d\phi > 0)\) if \(\Psi ^{\prime }(m^{\infty } ) > \phi \left( {1 - \frac{{f^{\prime }(k^{\infty } )^{2} }}{{f(k^{\infty } )f^{\prime \prime }(k^{\infty } )}}} \right) \) is satisfied, and increases \(m^{\infty } \,(dm^{\infty } /d\phi < 0)\) if \(\Psi ^{\prime }(m^{\infty } ) < \phi \left( {1 - \frac{{f^{\prime }(k^{\infty } )^{2} }}{{f(k^{\infty } )f^{\prime \prime }(k^{\infty } )}}} \right) \) is satisfied.