Markov-Perfect Rent Dissipation in Rights-Based Fisheries
AbstractWe present a general, dynamic model of within-season harvesting competition in a fishery managed with individual transferable quotas. Markov-Perfect equilibrium harvesting and quota purchase strategies are derived using numerical collocation methods. We identify rent loss caused by a heterogeneous-in-value fish stock, congestion on the fishing ground, revenue competition and stock uncertainty. Our results show that biological, technological and market conditions under which rents will be dissipated in a standard individual transferable quota program are fairly special. These fi ndings provide new insights for designing rights-based programs capable of generating resource rent in marine fisheries.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 33820.
Date of creation: 24 Jun 2013
Date of revision:
Publication status: Published in Marine Resource Economics, June 2013, vol. 28 no. 2, pp. 111-131
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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Markov Perfect Nash equilibrium; individual transferable quotas; production externalities; resource rent.;
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- Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
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