Productivity Measurement in Common Property Resource Industries: An Application to the Pacific Coast Trawl Fishery
AbstractThis 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 InfoArticle provided by The RAND Corporation in its journal RAND Journal of Economics.
Volume (Year): 23 (1992)
Issue (Month): 2 (Summer)
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Web page: http://www.rje.org
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- 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.
- 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.
- 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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