Accounting for Rents in the U.S. Atlantic Sea Scallop Fishery
AbstractThe Current Rent Method II (CRMII) of environmental accounting was used to estimate resource rent and the asset value of resource biomass in the U.S. Atlantic sea scallop fishery during 1977Â–2002. High levels of producer surplus and profit masked negative asset values for about two decades, as low as Â–$100 million a year during 1989Â–91 after many years of resource depletion and degradation by the overcapitalized fishery. Regulatory policies implemented in 1994 involving limited entry, vessel effort quotas, and area closures fostered stock recovery and greatly improved resource accounts to where the value of the sea scallop asset has recently averaged $128 million. Despite these recent improvements, there is no evidence that asset value is growing at any benchmark interest rate. The importance of adjusting fishery resource accounts for inframarginal rent as well (as the value of vessel capital) is discussed, as are property rights to the resource income component of so-called "producer" surplus.
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Bibliographic InfoArticle provided by Marine Resources Foundation in its journal Marine Resource Economics.
Volume (Year): 20 (2005)
Issue (Month): 1 ()
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Web page: http://www.uri.edu/cels/enre/mre/mre.htm
asset value; environmental accounting; property rights; resource rent; scallop fishery; Resource /Energy Economics and Policy; Q22; Q28; Q56;
Find related papers by JEL classification:
- Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
- Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
- Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
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