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Ex-vessel Pricing and IFQs: A Strategic Approach

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Author Info
Fell, Harrison () (Resources for the Future)

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Abstract

In this paper, intraseasonal fishing is modeled as a differential game between fishermen in a total allowable catch–regulated fishery with and without individual fishing quotas (IFQs). Heterogeneous harvest values are included by incorporating time-specific harvest costs and a stock effect into fishermen’s profit functions. I also allow for strategic interaction among fishermen via ex-vessel price dynamics. The equilibrium harvest strategies of the differential games are solved numerically through the use of a genetic algorithm. I demonstrate how different harvesting sector environments lead to varying degrees of ex-vessel price increases when IFQs are implemented. The primary result shows that possible margins for competition among fishermen, beyond competition for a greater share of the total allowable catch, can still exist under IFQ management and may be substantial enough to be able to prevent sizeable rent transfers from the processing sector to the harvesting sector.

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Paper provided by Resources For the Future in its series Discussion Papers with number dp-08-01.

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Date of creation: 01 Feb 2008
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Handle: RePEc:rff:dpaper:dp-08-01

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Related research
Keywords: individual fishing quotas; property rights; differential games; genetic algorithm;

Find related papers by JEL classification:
Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis

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References listed on IDEAS
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.:
  1. Homans, Frances R. & Wilen, James E., 1997. "A Model of Regulated Open Access Resource Use," Journal of Environmental Economics and Management, Elsevier, vol. 32(1), pages 1-21, January. [Downloadable!] (restricted)
  2. Costello, Christopher & Deacon, Robert, 2007. "The Efficiency Gains from Fully Delineating Rights in an ITQ Fishery," Marine Resource Economics, Marine Resources Foundation, vol. 22(4). [Downloadable!]
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  3. Arnason, Ragnar, 2007. "Advances in Property Rights Based Fisheries Management: An Introduction," Marine Resource Economics, Marine Resources Foundation, vol. 22(4). [Downloadable!]
  4. Alemdar, Nedim M. & Sirakaya, Sibel, 2003. "On-line computation of Stackelberg equilibria with synchronous parallel genetic algorithms," Journal of Economic Dynamics and Control, Elsevier, vol. 27(8), pages 1503-1515, June. [Downloadable!] (restricted)
  5. Scott C. Matulich & Murat Sever, 1999. "Reconsidering the Initial Allocation of ITQs: The Search for a Pareto-Safe Allocation between Fishing and Processing Sectors," Land Economics, University of Wisconsin Press, vol. 75(2), pages 203-219. [Downloadable!] (restricted)
  6. Mercenier, Jean & Michel, Philippe, 1994. "Discrete-Time Finite Horizon Appromixation of Infinite Horizon Optimization Problems with Steady-State Invariance," Econometrica, Econometric Society, vol. 62(3), pages 635-56, May. [Downloadable!] (restricted)
  7. Fershtman, Chaim & Kamien, Morton I, 1987. "Dynamic Duopolistic Competition with Sticky Prices," Econometrica, Econometric Society, vol. 55(5), pages 1151-64, September. [Downloadable!] (restricted)
  8. Arnason, Ragnar, 1993. "The Icelandic Individual Transferable Quota System: A Descriptive Account," Marine Resource Economics, Marine Resources Foundation, vol. 8(3). [Downloadable!]
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