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Instrument Choice when Regulators are Concerned about Resource Extinction

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  • Lars Gårn Hansen

    ()
    (Institute of Food and Resource Economics, University of Copenhagen)

  • Frank Jensen

    ()
    (Institute of Food and Resource Economics, University of Copenhagen)

  • Clifford Russell

    (Bowdoin College, Brunswick, ME 04011, USA
    Vanderbilt University, Nashville, TN 37212, USA)

Abstract

In this paper we undertake a systematic investigation of instrument choice when preventing a population collapse rather than maximizing industry profit is the overriding concern. Contrary to what seems to be the general consensus we find that landing fees do provide more effective insurance against extinction than quotas under more or less the same conditions as those implying that landing fees are better at maximising industry profit. Thus, the efficiency of the regulatory instrument mainly depends on the basic information asymmetries characterizing the fishery, and is not sensitive to whether the regulators total catch goals are set according to economic or precautionary principles.

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File URL: http://okonomi.foi.dk/workingpapers/WPpdf/WP2011/WP_2011_6_instrument_choice_revised.pdf
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Bibliographic Info

Paper provided by University of Copenhagen, Department of Food and Resource Economics in its series IFRO Working Paper with number 2011/6.

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Length: 29 pages
Date of creation: Feb 2011
Date of revision: Jul 2011
Handle: RePEc:foi:wpaper:2011_6

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Web page: http://www.ifro.ku.dk/english/
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  1. Fischer, Carolyn & Laxminarayan, Ramanan, 2010. "Managing partially protected resources under uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 59(2), pages 129-141, March.
  2. Erwin Bulte & G. van Kooten, 1999. "Marginal Valuation of Charismatic Species: Implications for Conservation," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 14(1), pages 119-130, July.
  3. Weitzman, Martin L., 2002. "Landing Fees vs Harvest Quotas with Uncertain Fish Stocks," Journal of Environmental Economics and Management, Elsevier, vol. 43(2), pages 325-338, March.
  4. Reed, William J., 1979. "Optimal escapement levels in stochastic and deterministic harvesting models," Journal of Environmental Economics and Management, Elsevier, vol. 6(4), pages 350-363, December.
  5. Lars GÃ¥rn Hansen, 2008. "Prices versus Quantities in Fisheries Models: Comment," Land Economics, University of Wisconsin Press, vol. 84(4), pages 708-711.
  6. Jensen, Frank & Vestergaard, Niels, 2002. "Moral hazard problems in fisheries regulation: the case of illegal landings and discard," Resource and Energy Economics, Elsevier, Elsevier, vol. 24(4), pages 281-299, November.
  7. Frank Jensen & Niels Vestergaard, 2003. "Prices versus Quantities in Fisheries Models," Land Economics, University of Wisconsin Press, vol. 79(3), pages 415-425.
  8. Crowards, Tom M., 1998. "Safe Minimum Standards: costs and opportunities," Ecological Economics, Elsevier, vol. 25(3), pages 303-314, June.
  9. Lars G. Hansen & Frank Jensen & Clifford Russell, 2008. "The Choice of Regulatory Instrument When There Is Uncertainty About Compliance with Fisheries Regulations," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 90(4), pages 1130-1142.
  10. Trond Bjørndal & Daniel Gordon & Veijo Kaitala & Marko Lindroos, 2004. "International Management Strategies for a Straddling Fish Stock: A Bio-Economic Simulation Model of the Norwegian Spring-Spawning Herring Fishery," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 29(4), pages 435-457, December.
  11. Danielsson, Asgeir, 2002. "Efficiency of Catch and Effort Quotas in the Presence of Risk," Journal of Environmental Economics and Management, Elsevier, vol. 43(1), pages 20-33, January.
  12. Colin W. Clark & Gordon R. Munro & U. Rashid Sumaila, 2010. "Limits to the Privatization of Fishery Resources," Land Economics, University of Wisconsin Press, vol. 86(2), pages 209-218.
  13. Rögnvaldur Hannesson & John Kenned, 2005. "Landing Fees versus Fish Quotas," Land Economics, University of Wisconsin Press, vol. 81(4).
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