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Market Rent Dissipation In Regulated Open Access Fisheries

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  • Homans, Frances R.
  • Wilen, James E.

Abstract

Using a new model of markets in regulated open access resources, we illustrate the evolution of a fishery as demand for the product grows. We show that increased demand for fish in its fresh form shortens the fishing season and leads to the development of a market for processed fish. The model allows us to calculate the rent gains from rationalizing the fishery, and we show that much of the rent gains come on the market side as the season lengthens and more fish can be delivered to the higher-valued fresh market.

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Bibliographic Info

Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2000 Annual meeting, July 30-August 2, Tampa, FL with number 21878.

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Date of creation: 2000
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Handle: RePEc:ags:aaea00:21878

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Keywords: Resource /Energy Economics and Policy;

References

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  1. Homans, Frances R. & Wilen, James E., 1997. "A Model of Regulated Open Access Resource Use," Journal of Environmental Economics and Management, Elsevier, vol. 32(1), pages 1-21, January.
  2. Graddy, K., 1993. "Testing for Imperfect Competition at the Fulton Fish Market," Papers 137, Princeton, Department of Economics - Financial Research Center.
  3. James Eales & Catherine Durham & Cathy R. Wessells, 1997. "Generalized Models of Japanese Demand for Fish," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1153-1163.
  4. Weninger, Quinn, 1999. "Equilibrium Prices in a Vertically Coordinated Fishery," Journal of Environmental Economics and Management, Elsevier, vol. 37(3), pages 290-305, May.
  5. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124.
  6. Hardle, Wolfgang & Kirman, Alan, 1995. "Nonclassical demand : A model-free examination of price-quantity relations in the Marseille fish market," Journal of Econometrics, Elsevier, vol. 67(1), pages 227-257, May.
  7. Colin W. Clark & Gordon R. Munro, 1980. "Fisheries and the Processing Sector: Some Implications for Management Policy," Bell Journal of Economics, The RAND Corporation, vol. 11(2), pages 603-616, Autumn.
  8. Matulich, Scott C. & Mittelhammer, Ron C. & Reberte, Carlos, 1996. "Toward a More Complete Model of Individual Transferable Fishing Quotas: Implications of Incorporating the Processing Sector," Journal of Environmental Economics and Management, Elsevier, vol. 31(1), pages 112-128, July.
  9. Sherry L. Larkin & Gilbert Sylvia, 1999. "Intrinsic Fish Characteristics and Intraseason Production Efficiency: A Management-Level Bioeconomic Analysis of a Commercial Fishery," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(1), pages 29-43.
  10. William E. Schworm, 1983. "Monopsonistic Control of a Common Property Renewable Resource," Canadian Journal of Economics, Canadian Economics Association, vol. 16(2), pages 275-87, May.
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Cited by:
  1. 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, vol. 14(2), pages 147-166, July.

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