Individual Transferable Quotes in a Multiproduct Common Property Industry
AbstractThis paper extends the method of virtual prices for quantity constraints to provide inverse derived demand functions for quotas and quota market equilibrium and pricing. The approach is applied to evaluate the anticipated effects of a potential program of individual transferable quotas addressing the ill-structured property rights and market failure of a multiproduct common property fishery. The results indicate that individual transferable quotas on multiple products may not generate the desired rents or achieve biological objectives, owing to limitations when joint products are regulated. However, an individual transferable quota on a single joint product may induce industry disinvestment and reduce overcapitalization.
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Bibliographic InfoArticle provided by Canadian Economics Association in its journal Canadian Journal of Economics.
Volume (Year): 29 (1996)
Issue (Month): 2 (May)
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Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
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- Pena-Torres, Julio, 1997. "The Political Economy Of Fishing Regulation: The Case Of Chile," Marine Resource Economics, Marine Resources Foundation, vol. 12(4).
- Perruso, Larry & Taylor, Timothy G. & Larkin, Sherry L., 2002. "Incorporating Stochastic Harvests Into An Analysis Of Production: The U.S. Atlantic And Gulf Of Mexico Pelagic Longline Fleet," 2002 Annual meeting, July 28-31, Long Beach, CA 19770, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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