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Equilibrium Prices in a Vertically Coordinated Fishery

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  • Weninger, Quinn

Abstract

Competition among processing firms is analyzed in a fishery that is managed under a total allowable catch constraint. Firms compete first in the ex-vessel market for round fish and then in the downstream consumer market. Nash equilibrium prices are characterized at each stage of the vertical market. When the number of processors is sufficiently large, equilibrium prices are approximately Walrasian. The ex-vessel price is close to the processor marginal valuation of the round fish and the consumer price clears the total quantity of processed fish. Implications for market structure, conduct and performance, and fisheries management policy are drawn.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Environmental Economics and Management.

Volume (Year): 37 (1999)
Issue (Month): 3 (May)
Pages: 290-305

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Handle: RePEc:eee:jeeman:v:37:y:1999:i:3:p:290-305

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Web page: http://www.elsevier.com/locate/inca/622870

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References

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  1. Colin W. Clark & Gordon R. Munro, 1980. "Fisheries and the Processing Sector: Some Implications for Management Policy," Bell Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 11(2), pages 603-616, Autumn.
  2. Levitan, Richard & Shubik, Martin, 1972. "Price Duopoly and Capacity Constraints," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(1), pages 111-22, February.
  3. William E. Schworm, 1983. "Monopsonistic Control of a Common Property Renewable Resource," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 16(2), pages 275-87, May.
  4. David M. Kreps & Jose A. Scheinkman, 1983. "Quantity Precommitment and Bertrand Competition Yield Cournot Outcomes," Bell Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 14(2), pages 326-337, Autumn.
  5. Carl Davidson & Raymond Deneckere, 1986. "Long-Run Competition in Capacity, Short-Run Competition in Price, and the Cournot Model," RAND Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 17(3), pages 404-415, Autumn.
  6. Matulich Scott C. & Mittelhammer Ron C. & Greenberg Joshua A., 1995. "Exvessel Price Determination in the Alaska King Crab Fishery: A Formula Price Contract under Uncertainty?," Journal of Environmental Economics and Management, Elsevier, Elsevier, vol. 28(3), pages 374-387, May.
  7. Anderson, Lee G., 1991. "A note on market power in ITQ fisheries," Journal of Environmental Economics and Management, Elsevier, Elsevier, vol. 21(3), pages 291-296, November.
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Citations

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Cited by:
  1. Ramòn Jiménez-Toribio & Patrice Guillotreau & Rémi Mongruel, 2009. "Global integration of European tuna markets," Working Papers, HAL hal-00430014, HAL.
  2. Beard, Rodney, 2008. "A dynamic model of renewable resource harvesting with Bertrand competition," MPRA Paper 8916, University Library of Munich, Germany.
  3. Trond Bjørndal & Daniel Gordon & Mintewab Bezabih, 2012. "Measuring potential profits in a bioeconomic model of the mixed demersal fishery in the North Sea," Journal of Bioeconomics, Springer, Springer, vol. 14(2), pages 147-166, July.
  4. Homans, Frances R. & Wilen, James E., 2005. "Markets and rent dissipation in regulated open access fisheries," Journal of Environmental Economics and Management, Elsevier, Elsevier, vol. 49(2), pages 381-404, March.
  5. Homans, Frances R. & Wilen, James E., 2000. "Market Rent Dissipation In Regulated Open Access Fisheries," 2000 Annual meeting, July 30-August 2, Tampa, FL, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 21878, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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