IDEAS home Printed from https://ideas.repec.org/a/mhr/jinste/urnsici0932-4569(200206)1582_276apaof_2.0.tx_2-4.html
   My bibliography  Save this article

A Principal-Agent Analysis of Fisheries

Author

Listed:
  • Frank Jensen
  • Niels Vestergaard

Abstract

Very little principal-agent analysis has been done within the fisheries economic literature. This paper conducts a principal-agent analysis of fisheries. Within a standard principal-agent model, the low-cost agent must be allowed the same level of effort as under complete information. This conclusion does not hold for fisheries, because of a resource restriction and the fact that maximisation takes place over two variables. By means of comparative-static analysis, this paper argues that the low-cost agent must be allowed a larger effort than under complete information.

Suggested Citation

  • Frank Jensen & Niels Vestergaard, 2002. "A Principal-Agent Analysis of Fisheries," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 158(2), pages 276-285, June.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200206)158:2_276:apaof_2.0.tx_2-4
    as

    Download full text from publisher

    File URL: https://www.mohrsiebeck.com/en/article/a-principal-agent-analysis-of-fisheries-1016280932456022975376
    Download Restriction: Fulltext access is included for subscribers to the printed version.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Evan Kwerel, 1977. "To Tell the Truth: Imperfect Information and Optimal Pollution Control," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 44(3), pages 595-601.
    2. Brown, Gardner, Jr, 1974. "An Optimal Program for Managing Common Property Resources with Congestion Externalities," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 163-173, Jan.-Feb..
    3. Diane P. Dupont, 1991. "Testing for Input Substitution in a Regulated Fishery," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(1), pages 155-164.
    4. Parzival Copes, 1986. "A Critical Review of the Individual Quota as a Device in Fisheries Management," Land Economics, University of Wisconsin Press, vol. 62(3), pages 278-291.
    5. Ragnar Arnason, 1990. "Minimum Information Management in Fisheries," Canadian Journal of Economics, Canadian Economics Association, vol. 23(3), pages 630-653, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lone Kronbak & Marko Lindroos, 2006. "An Enforcement-Coalition Model: Fishermen and Authorities Forming Coalitions," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 35(3), pages 169-194, November.
    2. Margrethe Aanesen & Claire Armstrong, 2013. "Stakeholder Influence and Optimal Regulations: A Common-Agency Analysis of Ecosystem-Based Fisheries Regulations," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 169(2), pages 320-338, June.
    3. Finn Olesen, 2003. "Rudolf Christiani - en interessant rigsdagsmand?," Working Papers 44/03, University of Southern Denmark, Department of Sociology, Environmental and Business Economics.
    4. José Antonio Vidal Hernandez-Mora & Marcos Antón Renart & María del Rocío Moreno Enguix, 2009. "An Analysis of the Dependence of the Spanish Fisheries Industry on the Financial Instrument for Fisheries Guidance," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2009(2), pages 34-64.
    5. Hugo Salgado & Carlos Chávez, 2016. "Using Taxes to Deter Illegal Fishing in ITQ Systems," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 64(4), pages 709-724, August.
    6. Jensen, Frank & Nøstbakken, Linda, 2016. "A corporate-crime perspective on fisheries: liability rules and non-compliance," Environment and Development Economics, Cambridge University Press, vol. 21(3), pages 371-392, June.
    7. Guennady Ougolnitsky & Anatoly Usov, 2019. "Spatially Distributed Differential Game Theoretic Model of Fisheries," Mathematics, MDPI, vol. 7(8), pages 1-13, August.
    8. Urs Steiner Brandt & Frank Jensen & Lars Gårn Hansen & Niels Vestergaard, 2004. "Ratcheting in Renewable Resources Contracting," Working Papers 58/04, University of Southern Denmark, Department of Sociology, Environmental and Business Economics.
    9. Jensen, Frank, 2008. "Uncertainty and asymmetric information: An overview," Marine Policy, Elsevier, vol. 32(1), pages 89-103, January.
    10. Christian Elleby & Frank Jensen, 2018. "How Many Instruments Do We Really Need? A First-Best Optimal Solution to Multiple Objectives with Fisheries Regulation," IFRO Working Paper 2018/05, University of Copenhagen, Department of Food and Resource Economics.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Christian Elleby & Frank Jensen, 2018. "How Many Instruments Do We Really Need? A First-Best Optimal Solution to Multiple Objectives with Fisheries Regulation," IFRO Working Paper 2018/05, University of Copenhagen, Department of Food and Resource Economics.
    2. Holm, Petter & Raakjær, Jesper & Becker Jacobsen, Rikke & Henriksen, Edgar, 2015. "Contesting the social contracts underpinning fisheries—Lessons from Norway, Iceland and Greenland," Marine Policy, Elsevier, vol. 55(C), pages 64-72.
    3. Frank Jensen, 2001. "Prices versus Quantities for Common Pool Resources," Working Papers 19/01, University of Southern Denmark, Department of Sociology, Environmental and Business Economics.
    4. Urs Steiner Brandt & Niels Vestergaard, 2006. "Illegal Landings: An Aggregate Catch Self-Reporting Mechanism," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(4), pages 974-985.
    5. Alvear, Santiago A. Bermeo, 2006. "Modelling an ITQ Scheme in the Galapagos Marine Reserve Spiny Lobster Fishery," 2006 Conference, August 24-25, 2006, Nelson, New Zealand 31973, New Zealand Agricultural and Resource Economics Society.
    6. Newell, Richard G. & Sanchirico, James N. & Kerr, Suzi, 2005. "Fishing quota markets," Journal of Environmental Economics and Management, Elsevier, vol. 49(3), pages 437-462, May.
    7. Stephan Schott & Neil Buckley & Stuart Mestelman & R. Muller, 2007. "Output sharing in partnerships as a common pool resource management instrument," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 37(4), pages 697-711, August.
    8. Frank Jensen & Niels Vestergaard, 2000. "Moral Hazard Problems in Fisheries Regulation: The Case og Illegal Landings," Working Papers 9/00, University of Southern Denmark, Department of Sociology, Environmental and Business Economics.
    9. Stephen Schott & Neil Buckley & Stuart Mestelman & R. Andrew Muller, 2002. "Output Sharing Among Groups Exploiting Common Pool Resources," Department of Economics Working Papers 2002-06, McMaster University.
    10. Ben White, 2000. "A Review of the Economics of Biological Natural Resources," Journal of Agricultural Economics, Wiley Blackwell, vol. 51(3), pages 419-462, September.
    11. Kjell Salvanes & Dale Squires, 1995. "Transferable quotas, enforcement costs and typical firms: An empirical application to the Norwegian trawler fleet," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 6(1), pages 1-21, July.
    12. Eggert, Håkan, 2006. "Fisheries Economics and 20 years with Marine Resource Economics: A Citation Analysis," Working Papers in Economics 203, University of Gothenburg, Department of Economics.
    13. Janmaat, Johannus A., 2005. "Sharing clams: tragedy of an incomplete commons," Journal of Environmental Economics and Management, Elsevier, vol. 49(1), pages 26-51, January.
    14. Jensen, Frank, 2008. "Uncertainty and asymmetric information: An overview," Marine Policy, Elsevier, vol. 32(1), pages 89-103, January.
    15. Jensen, Frank & Vestergaard, Niels, 2002. "Moral hazard problems in fisheries regulation: the case of illegal landings and discard," Resource and Energy Economics, Elsevier, vol. 24(4), pages 281-299, November.
    16. Nicolas Querou & Agnès Tomini, 2014. "Ecosystem considerations in a second-best world," Post-Print hal-01123390, HAL.
    17. Tom Kompas & Tuong Nhu Che & R. Quentin Grafton, 2004. "Technical efficiency effects of input controls: evidence from Australia's banana prawn fishery," Applied Economics, Taylor & Francis Journals, vol. 36(15), pages 1631-1641.
    18. Heaps, Terry, 2003. "The effects on welfare of the imposition of individual transferable quotas on a heterogeneous fishing fleet," Journal of Environmental Economics and Management, Elsevier, vol. 46(3), pages 557-576, November.
    19. Olivier Guyader, 2002. "Simulating the Effect of Regulatory Systems in a Fishery, An Application to the French Driftnet Albacore Fleet," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 23(1), pages 1-28, September.
    20. Shrestha, Ratna K., 2017. "Menus of price-quantity contracts for inducing the truth in environmental regulation," Journal of Environmental Economics and Management, Elsevier, vol. 83(C), pages 1-7.

    More about this item

    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
    • L5 - Industrial Organization - - Regulation and Industrial Policy

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mhr:jinste:urn:sici:0932-4569(200206)158:2_276:apaof_2.0.tx_2-4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Thomas Wolpert (email available below). General contact details of provider: https://www.mohrsiebeck.com/jite .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.