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Analysis of Flexibility Mechanisms for Quota-Catch Balancing in Multispecies Individual Fishing Quotas

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  • Sanchirico, James

    ()
    (Resources for the Future)

  • Holland, Daniel
  • Quigley, Kathryn
  • Fina, Mark

Abstract

Individual fishery quotas (IFQs) are an increasingly prevalent form of fishery management around the world, with more than 170 species currently managed with IFQs. Yet, because of the difficulties in matching quota holdings with catches, many argue that IFQs are not appropriate for multispecies fisheries. Using on-the-ground-experience with multispecies IFQ fisheries in Iceland, New Zealand, Australia, and Canada, we assess the design and use of catch-quota balancing mechanisms. Our methodology includes a mix of interviews with fishery managers, industry representatives, and brokers; literature review; and data analysis. We find that a combination of incentives and limits on use rates for the mechanisms provide sufficient flexibility to the quota owner without the fishery manager incurring excessive levels of overexploitation risk. Contrary to some opinions, these programs are evidence that it is possible to implement IFQ programs for multispecies fisheries and that they can be profitable and sustainable.

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Bibliographic Info

Paper provided by Resources For the Future in its series Discussion Papers with number dp-05-54.

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Date of creation: 22 Nov 2005
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Handle: RePEc:rff:dpaper:dp-05-54

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Keywords: natural resources; created markets; tradable permits;

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References

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  1. Bess, Randall, 2005. "Expanding New Zealand's quota management system," Marine Policy, Elsevier, vol. 29(4), pages 339-347, July.
  2. R. Quentin Grafton & Harry W. Nelson & Bruce Turris, 2005. "How to Resolve the Class II Common Property Problem? The Case of British Columbia's Multi-Species Groundfish Traw," Economics and Environment Network Working Papers 0506, Australian National University, Economics and Environment Network.
  3. 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.
  4. Kompas, Tom & Che, Tuong Nhu, 2003. "Efficiency Gains and Cost Reductions from Individual Transferable Quotas: A Stochastic Cost Frontier for the Australian South East Fishery," 2003 Conference (47th), February 12-14, 2003, Fremantle, Australia 57907, Australian Agricultural and Resource Economics Society.
  5. Squires, Dale & Campbell, Harry & Cunningham, Stephen & Dewees, Christopher & Grafton, R Quentin & Herrick, Samuel F & Kirkley, James & Pascoe, Sean & Salvanes, Kjell & Shallard, Bruce & Turris, Bruce, 1998. "Individual transferable quotas in multispecies fisheries," Marine Policy, Elsevier, vol. 22(2), pages 135-159, March.
  6. 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.
  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. Ásgeir Daníelsson, 2005. "Methods for Environmental and Economic Accounting for the Exploitation of Wild Fish Stocks and their Applications to the Case of Icelandic Fisheries," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 31(4), pages 405-430, 08.
  9. Parzival Copes, 1986. "A Critical Review of the Individual Quota as a Device in Fisheries Management," Land Economics, University of Wisconsin Press, vol. 62(3), pages 278-291.
  10. Oates, Wallace E & Portney, Paul R & McGartland, Albert M, 1989. "The Net Benefits of Incentive-Based Regulation: A Case Study of Environmental Standard Setting," American Economic Review, American Economic Association, vol. 79(5), pages 1233-42, December.
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  1. Socio-economics of Fisheries and Aquaculture

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