Icelandic Fisheries Management: Fees versus Quotas
AbstractWe discuss the quota system by which Iceland’s fisheries have been managed since 1984, and explore its implications for economic efficiency as well as fairness. We argue that the shortcomings of the Icelandic quota system are inherent in any type of quota system applied to high-seas fishing. Further, we find that regulating access to a limited, stochastic common-property natural resource such as Iceland’s fish by fee rather than by quota – i.e., by relying on price incentives rather than quantitative restrictions – would constitute a more equitable and more efficient solution to the fisheries management problem. Our argument applies to the management of all open-seas fisheries, including the Common Fisheries Policy of the European Union.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 3849.
Date of creation: Mar 2003
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Find related papers by JEL classification:
- Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
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