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The New Fisheries Economics: Incentives Across Many Margins

Author

Listed:
  • Martin D. Smith

    (Nicholas School of the Environment and Department of Economics, Duke University, Durham, North Carolina 27701)

Abstract

New research in fisheries economics addresses incentives across many margins. These margins include within-season effects, incentives to harvest different ages and sizes of fish, responses to ecological disturbances, spatial choices, and multispecies interactions. Even developments in global seafood markets are relevant for understanding contemporary fisheries management. What connects this diverse literature is the attempt to align incentives of harvesters with the objectives of optimal management and reflections on when delineating policy instruments along particular margins is worthwhile. This theme echoes the older fisheries bioeconomic literature that first identified the commons problem and proposed solutions to it using an elegant but now principally metaphorical model of a single stock.

Suggested Citation

  • Martin D. Smith, 2012. "The New Fisheries Economics: Incentives Across Many Margins," Annual Review of Resource Economics, Annual Reviews, vol. 4(1), pages 379-402, August.
    • Handle: RePEc:anr:reseco:v:4:y:2012:p:379-402
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    File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev-resource-110811-114550
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    More about this item

    Keywords

    bioeconomics; fisheries management; intraseasonal; life history; multispecies; spatial; marine reserve; bycatch; growth overfishing; gear selectivity; seafood markets; aquaculture;
    All these keywords.

    JEL classification:

    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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