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Buyback programs in commercial fisheries:efficiency versus transfers

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  • Quinn Weninger

Abstract

A Cournot model of investment is used to characterize the pre- and post-buyback investment equilibrium for vessels operating in a total-allowable-catch-regulated fishery. Welfare effects - the net welfare gains or losses and the distributional effects - that may be expected from vessel buyback programs are identified. Net welfare effects depend on the ability of remaining vessels to replace buyback capital, the speed of capital replacement, and capital investment irreversibility. Net welfare effects are likely to be positive only under exceptional technological and capital-market conditions. A brief review of the British Columbia Pacific Salmon Revitalization Plan is presented to anchor the theoretical model.

Suggested Citation

  • Quinn Weninger, 2000. "Buyback programs in commercial fisheries:efficiency versus transfers," Canadian Journal of Economics, Canadian Economics Association, vol. 33(2), pages 394-412, May.
    • Handle: RePEc:cje:issued:v:33:y:2000:i:2:p:394-412
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    Cited by:

    1. Eggert, HÃ¥kan & Greaker, Mads, 2009. "Effects of Global Fisheries on Developing Countries: Possibilities for Income and Threat of Depletion," RFF Working Paper Series dp-10-09-02-efd, Resources for the Future.
    2. R. Quentin Grafton & Ragnar Arnason & Trond Bjorndal & David Campbell & Harry F. Campbell & Colin W. Clark & Robin Connor & Diane P. Dupont & Rognvaldur Hannesson & Ray Hilborn & James E. Kirkley & To, 2005. "Incentive-based approaches to sustainable fisheries (now replaced by EEN0508)," Economics and Environment Network Working Papers 0501, Australian National University, Economics and Environment Network.
    3. Kevin J. Fox & R. Quentin Grafton & Tom Kompas & Tuong Nhu Che, 2003. "Productivity and capacity reduction: the case of a fishery," International and Development Economics Working Papers idec03-2, International and Development Economics.
    4. Finnoff, David & Tschirhart, John, 2008. "Linking dynamic economic and ecological general equilibrium models," Resource and Energy Economics, Elsevier, vol. 30(2), pages 91-114, May.
    5. Kevin J. Fox & R. Quentin Grafton & Tom Kompas & Tuong Nhu Che, 2003. "Capacity Reduction and Productivity: The Case of Fishery," Economics and Environment Network Working Papers 0303, Australian National University, Economics and Environment Network.
    6. Singh, Rajesh & Weninger, Quinn & Doyle, Matthew, 2006. "Fisheries management with stock growth uncertainty and costly capital adjustment," Journal of Environmental Economics and Management, Elsevier, vol. 52(2), pages 582-599, September.
    7. Elizabeth A Fulton & Anthony D M Smith & David C Smith & Penelope Johnson, 2014. "An Integrated Approach Is Needed for Ecosystem Based Fisheries Management: Insights from Ecosystem-Level Management Strategy Evaluation," PLOS ONE, Public Library of Science, vol. 9(1), pages 1-16, January.
    8. Kevin J. Fox & R. Quentin Grafton & Tom Kompas & Tuong Nhu Che, 2006. "Capacity reduction, quota trading and productivity: the case of a fishery ," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 50(2), pages 189-206, June.
    9. Holzer, Jorge & DePiper, Geret & Lipton, Douglas, 2017. "Buybacks with costly participation," Journal of Environmental Economics and Management, Elsevier, vol. 85(C), pages 130-145.
    10. Eggert, Håkan & Tveterås, Ragnar, 2004. "Potential Rent and Overcapacity in the Swedish Baltic Sea Trawl Fishery," Working Papers in Economics 152, University of Gothenburg, Department of Economics.
    11. Graff Zivin, Joshua & Mullins, Jamie, 2015. "Vessel buybacks in fisheries: The role of auction and financing structures," Marine Policy, Elsevier, vol. 53(C), pages 188-197.
    12. Deacon, Robert T. & Finnoff, David & Tschirhart, John, 2011. "Restricted capacity and rent dissipation in a regulated open access fishery," Resource and Energy Economics, Elsevier, vol. 33(2), pages 366-380, May.
    13. Clark, Colin W. & Munro, Gordon R. & Sumaila, Ussif Rashid, 2005. "Subsidies, buybacks, and sustainable fisheries," Journal of Environmental Economics and Management, Elsevier, vol. 50(1), pages 47-58, July.
    14. Ussif Rashid Sumaila & Gordon R. Munro & Jon G. Sutinen, 2007. "Recent Developments in Fisheries Economics: An Introduction," Land Economics, University of Wisconsin Press, vol. 83(1), pages 1-5.
    15. Dale T. Manning & J. Edward Taylor & James E. Wilen, 2018. "General Equilibrium Tragedy of the Commons," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 69(1), pages 75-101, January.

    More about this item

    JEL classification:

    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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