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Fisheries Management with Multiple Market Failures

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Author Info

  • Frank Jensen

    ()
    (Institute of Local Government Studies, Denmark)

  • Niels Vestergaard

    ()
    (Department of Environmental and Business Economics, University of Southern Denmark)

Abstract

Within fisheries it is well-known that several market failures exist. However, fisheries economists analyse these market failures separately despite the fact that the market failures arise simultaneously. In this paper several market fail-ures that arise simultaneously are analysed. A resource stock tax and a tax on self-reported harvest are considered as a solution to problems associated with the stock externality, measuring individual catches and stock uncertainty. Within a fisheries economic model it is shown that it will be in the interest of risk-averse fishermen to report a part of their catch even without a control pol-icy. In addition, it is shown that this tax structure can secure optimal expected individual catches and simulations show that the tax payment is very low. Thus, the tax system may be useful in practical fisheries management.

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File URL: http://www.sdu.dk/~/media/Files/Om_SDU/Institutter/Miljo/ime/wp/vestergaard54.ashx
File Function: First version, 2004-02
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Bibliographic Info

Paper provided by University of Southern Denmark, Department of Environmental and Business Economics in its series Working Papers with number 54/04.

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Length: 50 pages
Date of creation: Feb 2004
Date of revision:
Handle: RePEc:sdk:wpaper:54

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Related research

Keywords: Prices regulation; Quantity regulation; Asymmetric Information; Self-Reporting; Stock Tax and Harvest Tax;

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References

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  1. Cabe, Richard & Herriges, Joseph A., 1992. "The regulation of non-point-source pollution under imperfect and asymmetric information," Journal of Environmental Economics and Management, Elsevier, vol. 22(2), pages 134-146, March.
  2. Frank Jensen & Niels Vestergaard, 2003. "Prices versus Quantities in Fisheries Models," Land Economics, University of Wisconsin Press, vol. 79(3), pages 415-425.
  3. Xepapadeas, A. P., 1995. "Observability and choice of instrument mix in the control of externalities," Journal of Public Economics, Elsevier, vol. 56(3), pages 485-498, March.
  4. Urs Steiner Brandt & Niels Vestergaard, 2006. "Illegal Landings: An Aggregate Catch Self-Reporting Mechanism," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(4), pages 974-985.
  5. Ragnar Arnason, 1990. "Minimum Information Management in Fisheries," Canadian Journal of Economics, Canadian Economics Association, vol. 23(3), pages 630-53, August.
  6. Jensen, Frank & Vestergaard, Niels, 2002. "Moral hazard problems in fisheries regulation: the case of illegal landings and discard," Resource and Energy Economics, Elsevier, vol. 24(4), pages 281-299, November.
  7. Xepapadeas, A. P., 1991. "Environmental policy under imperfect information: Incentives and moral hazard," Journal of Environmental Economics and Management, Elsevier, vol. 20(2), pages 113-126, March.
  8. 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.
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Cited by:
  1. Jensen, Frank, 2008. "Uncertainty and asymmetric information: An overview," Marine Policy, Elsevier, vol. 32(1), pages 89-103, January.

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