Fell’s research is focused on the quantitative assessment of the design and impacts of created markets as they relate to environmental and natural resource management systems. This work primarily has looked at impacts associated with implementation of market-based management systems in fisheries, such as individual tradable quota (ITQ) systems. His research in this area considers how ITQs affect both fishers and fish processors from both theoretical and applied perspectives. Prior to joining RFF, he conducted research for the Pacific States Marine Fisheries Council on how ITQs impact the price that fishers receive for their catch. Since coming to RFF, Fell has expanded this research agenda to consider other created markets, namely pollution permit markets. In this area he has reviewed issues related to both permit system design and assessment analysis.