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Productivity Measurement in Common Property Resource Industries: An Application to the Pacific Coast Trawl Fishery

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  • Dale Squires
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    Abstract

    This article measures total factor productivity in industries that exploit resources held in common. Particular attention is paid to the valuation and specification of in situ common-property resources in a neoclassical production technology, catchability of the resource, and variations in economic capacity utilization. An empirical analysis of the open-access Pacific coast trawl fishing industry demonstrates that disentangling the productivity residual from changes in resource abundance, its catchability, and variations in capacity utilization hones the productivity residual to finer precision, lowering mean productivity growth by about half. Removing biological noise from highly variable resources is also important. The results are related to a program limiting the number of vessels and can contribute to sustainable resource management whenever resources are held in common.

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    Bibliographic Info

    Article provided by The RAND Corporation in its journal RAND Journal of Economics.

    Volume (Year): 23 (1992)
    Issue (Month): 2 (Summer)
    Pages: 221-236

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    Handle: RePEc:rje:randje:v:23:y:1992:i:summer:p:221-236

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    Cited by:
    1. Michael Basch & Julio Peña-Torres & Sebastian Vergara, . "Catch Efficiency in the Chilean Pelagic Fishery: Does size matter ?," ILADES-Georgetown University Working Papers inv140, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines.
    2. Kvamsdal, Sturla F., 2012. "Technological Change in Renewable Resource Industries: An Alternative Estimation Approach," Discussion Papers 2012/14, Department of Business and Management Science, Norwegian School of Economics.
    3. Fissel, Benjamin E & Glibert, Ben, 2010. "Exogenous Productivity Shocks and Capital Investment in Common-pool Resources," University of California at San Diego, Economics Working Paper Series qt1qp1g9ts, Department of Economics, UC San Diego.
    4. Dupont, Diane P. & Grafton, R. Quentin & Kirkley, James & Squires, Dale, 2002. "Capacity utilization measures and excess capacity in multi-product privatized fisheries," Resource and Energy Economics, Elsevier, vol. 24(3), pages 193-210, June.
    5. Byerlee, Derek & Murgai, Rinku, 2001. "Sense and sustainability revisited: the limits of total factor productivity measures of sustainable agricultural systems," Agricultural Economics, Blackwell, vol. 26(3), pages 227-236, December.
    6. Fissel, Benjamin E. & Gilbert, Ben & LaRiviere, Jacob, 2013. "Technology adoption and diffusion with uncertainty in a commons," Economics Letters, Elsevier, vol. 120(2), pages 297-301.

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