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Common Property Under Management Flexibility: Valuation, Optimal Exploitation, And Regulation

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Author Info
Maza, Arantza Murillas
Abstract

Evidence shows that fisheries need close and careful attention because it has been observed that common property fisheries might be blamed for at least two sources of inefficiency. On one hand, resource overexploitation; on the other, the "static" or "passive" management applies, as outlined in the traditional fisheries literature. This paper presents a fishery model that embraces a combination of regulatory measures, an ITQ system, and a property tax rate under management flexibility. The model allows for a common property fishery to be exploited with full economic efficiency and flexibility in contrast to the mismanagement described in the traditional literature.

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Publisher Info
Article provided by Marine Resources Foundation in its journal Marine Resource Economics.

Volume (Year): 19 (2004)
Issue (Month): 2 ()
Pages:
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Handle: RePEc:ags:mareec:28115

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Keywords: Resource /Energy Economics and Policy;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Morck, Randall & Schwartz, Eduardo & Stangeland, David, 1989. "The Valuation of Forestry Resources under Stochastic Prices and Inventories," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 24(04), pages 473-487, December. [Downloadable!]
  2. Li, Eric, 1998. "Option Value Of Harvesting: Theory And Evidence," Marine Resource Economics, Marine Resources Foundation, vol. 13(2). [Downloadable!]
  3. Anthony Scott, 1955. "The Fishery: The Objectives of Sole Ownership," Journal of Political Economy, University of Chicago Press, vol. 63, pages 116. [Downloadable!] (restricted)
  4. Hull, John & White, Alan, 1990. "Valuing Derivative Securities Using the Explicit Finite Difference Method," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 25(01), pages 87-100, March. [Downloadable!]
  5. Pindyck, Robert S, 1991. "Irreversibility, Uncertainty, and Investment," Journal of Economic Literature, American Economic Association, vol. 29(3), pages 1110-48, September. [Downloadable!] (restricted)
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  6. Robert C. Merton, 1973. "Theory of Rational Option Pricing," Bell Journal of Economics, The RAND Corporation, vol. 4(1), pages 141-183, Spring. [Downloadable!] (restricted)
  7. Cortazar, Gonzalo & Schwartz, Eduardo S, 1993. "A Compound Option Model of Production and Intermediate Inventories," Journal of Business, University of Chicago Press, vol. 66(4), pages 517-40, October. [Downloadable!] (restricted)
  8. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124. [Downloadable!] (restricted)
  9. McDonald, Robert L & Siegel, Daniel R, 1985. "Investment and the Valuation of Firms When There Is an Option to Shut Down," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(2), pages 331-49, June. [Downloadable!] (restricted)
  10. Paddock, James L & Siegel, Daniel R & Smith, James L, 1988. "Option Valuation of Claims on Real Assets: The Case of Offshore Petroleum Leases," The Quarterly Journal of Economics, MIT Press, vol. 103(3), pages 479-508, August. [Downloadable!] (restricted)
  11. Geske, Robert & Shastri, Kuldeep, 1985. "Valuation by Approximation: A Comparison of Alternative Option Valuation Techniques," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(01), pages 45-71, March. [Downloadable!]
  12. Brennan, Michael J. & Schwartz, Eduardo S., 1978. "Finite Difference Methods and Jump Processes Arising in the Pricing of Contingent Claims: A Synthesis," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 13(03), pages 461-474, September. [Downloadable!]
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  14. Majd, Saman & Pindyck, Robert S., 1987. "Time to build, option value, and investment decisions," Journal of Financial Economics, Elsevier, vol. 18(1), pages 7-27, March. [Downloadable!] (restricted)
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  15. David Feeny & Susan Hanna & Arthur F. McEvoy, 1996. "Questioning the Assumptions of the "Tragedy of the Commons" Model of Fisheries," Land Economics, University of Wisconsin Press, vol. 72(2), pages 187-205. [Downloadable!] (restricted)
  16. Clark, Ian, 1993. "Individual transferable quotas: the New Zealand experience," Marine Policy, Elsevier, vol. 17(5), pages 340-342, September. [Downloadable!] (restricted)
  17. Constantinides, George M, 1978. "Market Risk Adjustment in Project Valuation," Journal of Finance, American Finance Association, vol. 33(2), pages 603-16, May. [Downloadable!] (restricted)
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