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Individual Transferable Quotes in a Multiproduct Common Property Industry

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  • Dale Squires
  • James Kirkley

Abstract

This paper extends the method of virtual prices for quantity constraints to provide inverse derived demand functions for quotas and quota market equilibrium and pricing. The approach is applied to evaluate the anticipated effects of a potential program of individual transferable quotas addressing the ill-structured property rights and market failure of a multiproduct common property fishery. The results indicate that individual transferable quotas on multiple products may not generate the desired rents or achieve biological objectives, owing to limitations when joint products are regulated. However, an individual transferable quota on a single joint product may induce industry disinvestment and reduce overcapitalization.

Suggested Citation

  • Dale Squires & James Kirkley, 1996. "Individual Transferable Quotes in a Multiproduct Common Property Industry," Canadian Journal of Economics, Canadian Economics Association, vol. 29(2), pages 318-342, May.
  • Handle: RePEc:cje:issued:v:29:y:1996:i:2:p:318-42
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    References listed on IDEAS

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    1. A. B. Atkinson & N. H. Stern, 1974. "Pigou, Taxation and Public Goods," Review of Economic Studies, Oxford University Press, vol. 41(1), pages 119-128.
    2. Lloyd, P. J. & Schweinberger, A. G., 1988. "Trade expenditure functions and the gains from trade," Journal of International Economics, Elsevier, vol. 24(3-4), pages 275-297, May.
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    Cited by:

    1. Shekar Bose, 2001. "Price volatility of south-east fishery's quota species: an empirical analysis," International Economic Journal, Taylor & Francis Journals, vol. 18(3), pages 283-297.
    2. Squires, Dale, 2016. "Firm behavior under quantity controls: The theory of virtual quantities," Journal of Environmental Economics and Management, Elsevier, vol. 79(C), pages 70-86.
    3. Abbott, Joshua K. & Wilen, James E., 2009. "Regulation of fisheries bycatch with common-pool output quotas," Journal of Environmental Economics and Management, Elsevier, vol. 57(2), pages 195-204, March.
    4. Perruso, Larry & Taylor, Timothy G. & Larkin, Sherry L., 2002. "Incorporating Stochastic Harvests Into An Analysis Of Production: The U.S. Atlantic And Gulf Of Mexico Pelagic Longline Fleet," 2002 Annual meeting, July 28-31, Long Beach, CA 19770, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    5. Christopher M. Anderson & Daniel S. Holland, 2006. "Auctions for Initial Sale of Annual Catch Entitlement," Land Economics, University of Wisconsin Press, vol. 82(3), pages 333-352.

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