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Property Rights in a Fishery: Regulatory Change and Firm Performance

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Author Info

  • Kevin J. Fox

    (University of New South Wales)

  • R. Quentin Grafton

    ()
    (Australian National University, Asia Pacific School of Economics and Government)

  • James Kirkley

    (Virginia Institute of Marine Science)

  • Dale Squires

    (U.S. National Marine Fisheries Service)

Abstract

A new method is introduced and applied to analyse changes in productivity of firms harvesting a natural capital stock. The index-number technique decomposes the contributions of output prices, variable input prices, fixed inputs and productivity to firm profits, adjusted for changes in the natural capital stock. An application of the method is given using micro-level data from a common-pool resource. The indexes provide a ready-made comparison of all firms to the most profitable firm per unit of resource stock. Benchmarking with the decompositions also allows firms and regulators to determine what components are contributing most to economic profits and improve overall industry performance.

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File URL: http://een.anu.edu.au/download_files/een0205.pdf
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Bibliographic Info

Paper provided by Australian National University, Economics and Environment Network in its series Economics and Environment Network Working Papers with number 0205.

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Length: 27 pages
Date of creation: Feb 2002
Date of revision:
Handle: RePEc:anu:eenwps:0205

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Web page: http://een.anu.edu.au/

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Keywords: productivity; profits; natural capital; index numbers;

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References

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  2. R. Quentin Grafton & Dale Squires & James E. Kirkley, 1996. "Private Property Rights And Crises In World Fisheries: Turning The Tide?," Contemporary Economic Policy, Western Economic Association International, vol. 14(4), pages 90-99, October.
  3. Fare, Rolf & Grosskopf, Shawna, 2000. "Outfoxing a paradox," Economics Letters, Elsevier, vol. 69(2), pages 159-163, November.
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  21. Grafton, R Quentin & Squires, Dale & Fox, Kevin J, 2000. "Private Property and Economic Efficiency: A Study of a Common-Pool Resource," Journal of Law and Economics, University of Chicago Press, vol. 43(2), pages 679-713, October.
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Citations

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Cited by:
  1. Tran, Thi Bich & Grafton, Quentin & Kompas, Tom, 2009. "Contribution of productivity and firm size to value-added: Evidence from Vietnam," International Journal of Production Economics, Elsevier, vol. 121(1), pages 274-285, September.
  2. R. Quentin Grafton & Harry W. Nelson & Bruce Turris, 2005. "How to Resolve the Class II Common Property Problem? The Case of British Columbia's Multi-Species Groundfish Traw," Economics and Environment Network Working Papers 0506, Australian National University, Economics and Environment Network.
  3. Skirtun, Maggie, 2013. "Decomposing the drivers of profibility in two key Commonwealth prawn fisheries," 2013 Conference (57th), February 5-8, 2013, Sydney, Australia 152179, Australian Agricultural and Resource Economics Society.
  4. R. Quentin Grafton & Ragnar Arnason & Trond Bjorndal & David Campbell & Harry F. Campbell & Colin W. Clark & Robin Connor & Diane P. Dupont & Rognvaldur Hannesson & Ray Hilborn & James E. Kirkley & To, 2005. "Incentive-based approaches to sustainable fisheries (now replaced by EEN0508)," Economics and Environment Network Working Papers 0501, Australian National University, Economics and Environment Network.
  5. 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.
  6. Fox, Kevin J. & Grafton, R. Quentin & Kompas, Tom & Che, Tuong Nhu, 2006. "Capacity reduction, quota trading and productivity: the case of a fishery," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 50(2), June.
  7. Alexandros Maziotis & David S. Saal & Emmanuel Thanassoulis, 2012. "Profit, Productivity and Price Performance Changes in The English and Welsh Water and Sewerage Companies," Working Papers 2012.84, Fondazione Eni Enrico Mattei.
  8. Kevin J. Fox & R. Quentin Grafton & Tom Kompas & Tuong Nhu Che, 2003. "Productivity and capacity reduction: the case of a fishery," International and Development Economics Working Papers idec03-2, International and Development Economics.
  9. Diekert , Florian & Lund , Kristen & Schweder, Tore, 2014. "From Open-Access to Individual Quotas: Disentangling the Effects of Policy Reform and Environmental Changes in the Norwegian Coastal Cod Fishery," Memorandum 07/2014, Oslo University, Department of Economics.
  10. Grafton, R. Quentin & Akter, Sonia & Kompas, Tom, 2009. "Guide to the Ex-Ante Socio-Economic Evaluation of Marine Protected Areas," Research Reports 94827, Australian National University, Environmental Economics Research Hub.
  11. Vieria, Simon, 2011. "An index number decomposition of profit change in two Australian fishing sectors," 2011 Conference (55th), February 8-11, 2011, Melbourne, Australia 100728, Australian Agricultural and Resource Economics Society.
  12. Kevin J. Fox & R. Quentin Grafton & Tom Kompas & Tuong Nhu Che, 2003. "Capacity Reduction and Productivity: The Case of Fishery," Economics and Environment Network Working Papers 0303, Australian National University, Economics and Environment Network.
  13. Gary D. Libecap, 2013. "Addressing Global Environmental Externalities: Transaction Costs Considerations," NBER Working Papers 19501, National Bureau of Economic Research, Inc.
  14. Hannesson, Rognvaldur, 2007. "Growth accounting in a fishery," Journal of Environmental Economics and Management, Elsevier, vol. 53(3), pages 364-376, May.
  15. Khademvatani, Asgar & Gordon, Daniel V., 2013. "A marginal measure of energy efficiency: The shadow value," Energy Economics, Elsevier, vol. 38(C), pages 153-159.
  16. Gary D. Libecap, 2014. "Addressing Global Environmental Externalities: Transaction Costs Considerations," Journal of Economic Literature, American Economic Association, vol. 52(2), pages 424-79, June.
  17. W. Diewert & Kevin Fox, 2010. "Malmquist and Törnqvist productivity indexes: returns to scale and technical progress with imperfect competition," Journal of Economics, Springer, vol. 101(1), pages 73-95, September.
  18. Homans, Frances R. & Wilen, James E., 2005. "Markets and rent dissipation in regulated open access fisheries," Journal of Environmental Economics and Management, Elsevier, vol. 49(2), pages 381-404, March.

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