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Is the behavior of fishers rational under Individual Transferable Quotas (ITQs) regimes? An Experimental Approach

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Author Info

  • Keisaku Higashida

    ()
    (School of Economics, Kwansei Gakuin University)

  • Kenta Tanaka

    (Graduate School of Environmental Studies, Tohoku University)

  • Shunsuke Managi

    (Graduate School of Environmental Studies, Tohoku University)

Abstract

Marine resource depletion is a critical concern for humankind. Individual Transferable Quota (ITQ) regimes are among the most effective measures to tackle this problem. Employing an experimental approach, this study examines the rationality of fishers under an ITQ regime. In particular, this study focuses on the case where fishers can change their own vessel scales in the beginning of each period in each experiment. We find that the higher the quota price is, the more irrationally fishers behave. Moreover, vessel scales and initial allocations can influence the rationality of fishers.

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File URL: http://192.218.163.163/RePEc/pdf/kgdp73.pdf
File Function: First version, 2011
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Bibliographic Info

Paper provided by School of Economics, Kwansei Gakuin University in its series Discussion Paper Series with number 73.

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Length: 26 pages
Date of creation: Aug 2011
Date of revision: Aug 2011
Handle: RePEc:kgu:wpaper:73

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Keywords: Individual Transferable Quotas (ITQs); experiment; rational behavior;

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  1. Newell, Richard G. & Sanchirico, James N. & Kerr, Suzi, 2005. "Fishing quota markets," Journal of Environmental Economics and Management, Elsevier, vol. 49(3), pages 437-462, May.
  2. Quinn Weninger, 1998. "Assessing Efficiency Gains from Individual Transferable Quotas: An Application to the Mid-Atlantic Surf Clam and Ocean Quahog Fishery," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(4), pages 750-764.
  3. Anderson, Christopher M. & Sutinen, Jon G., 2006. "The effect of initial lease periods on price discovery in laboratory tradable fishing allowance markets," Journal of Economic Behavior & Organization, Elsevier, vol. 61(2), pages 164-180, October.
  4. Anderson, Lee G., 1991. "A note on market power in ITQ fisheries," Journal of Environmental Economics and Management, Elsevier, vol. 21(3), pages 291-296, November.
  5. Anderson, Christopher M., 2004. "How Institutions Affect Outcomes in Laboratory Tradable Fishing Allowance Systems," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 33(2), October.
  6. Eythórsson, Einar, 2000. "A decade of ITQ-management in Icelandic fisheries: consolidation without consensus," Marine Policy, Elsevier, vol. 24(6), pages 483-492, November.
  7. Tom Kompas & Tuong Nhu Che, 2003. "Efficiency Gains and Cost Reductions from Individual Transferable Quotas: A Stochastic Cost Frontier for," International and Development Economics Working Papers idec03-6, International and Development Economics.
  8. M. Keith Chen & Venkat Lakshminarayanan & Laurie R. Santos, 2006. "How Basic Are Behavioral Biases? Evidence from Capuchin Monkey Trading Behavior," Journal of Political Economy, University of Chicago Press, vol. 114(3), pages 517-537, June.
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