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Fishing Quota Markets Author info | Abstract | Publisher info | Download info | Related research | Statistics Kerr, Suzi
Sanchirico, James () (Resources for the Future)
Newell, Richard () (Resources for the Future)
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Fisheries worldwide continue to suffer from the negative consequences of open access. In 1986, New Zealand responded by establishing an individual transferable quota (ITQ) system that by 1998 included 33 species and more than 150 markets for fishing quotas. We assess these markets in terms of trends in market activity, price dispersion, and the fundamentals determining quota prices. We find that market activity is sufficiently high to support a competitive market and that price dispersion has decreased over time. Using a 15-year panel dataset, we also find evidence of economically rational behavior through the relationship between quota lease and sale prices and fishing output and input prices, ecological variability, and market interest rates. Controlling for these factors, our results show an increase in quota prices, consistent with increased profitability. Overall, the results suggest these markets are operating reasonably well, implying that ITQs can be effective instruments for efficient fisheries management.
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Paper provided by Resources For the Future in its series Discussion Papers with number
dp-02-20.
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Date of creation: 01 Aug 2002Date of revision:
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Keywords: tradable permits individual transferable quota fisheries policy. Other versions of this item:
Find related papers by JEL classification: Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy D40 - Microeconomics - - Market Structure and Pricing - - - General L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
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Sanchirico, James & Holland, Daniel & Quigley, Kathryn & Fina, Mark, 2005.
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