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Efficiency of the New Zealand annual catch entitlement market

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  • Stewart, James
  • Leaver, Jonathan

Abstract

Balancing catch with annual catch entitlement (ACE) is crucial both for the financial viability of fishers and for the efficient operation of the New Zealand quota management system (QMS). This study examines the information channels that are used by fishers to search for ACE availability, and notes how these channels differ between large and small fishers. Special attention is given to the viability of small independent fishers whose participation in the fishery is dependent on their acquiring ACE in the open ACE market. An ACE market survey along with extensive consultation captured the views of fishers, fish processors, and quota brokers. These sources provide valuable insights into the day-to-day operation of the ACE market. They suggest that while elements of market power are evident in the ACE market there are also characteristics of an efficient market.

Suggested Citation

  • Stewart, James & Leaver, Jonathan, 2015. "Efficiency of the New Zealand annual catch entitlement market," Marine Policy, Elsevier, vol. 55(C), pages 11-22.
    • Handle: RePEc:eee:marpol:v:55:y:2015:i:c:p:11-22
    DOI: 10.1016/j.marpol.2015.01.005
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    References listed on IDEAS

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    1. Stewart, James & Walshe, Kim, 2008. "Compliance costs and the small fisher: A study of exiters from the New Zealand fishery," Marine Policy, Elsevier, vol. 32(1), pages 120-131, January.
    2. R. Quentin Grafton & Ragnar Arnason & Trond Bjorndal & David Campbell & Harry F. Campbell & Colin W. Clark & Robin Connor & Diane P. Dupont & Rognvaldur Hannesson & Ray Hilborn & James E. Kirkley & To, 2005. "Incentive-based approaches to sustainable fisheries," Economics and Environment Network Working Papers 0508, Australian National University, Economics and Environment Network.
    3. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    4. Ragnar Arnason, 1990. "Minimum Information Management in Fisheries," Canadian Journal of Economics, Canadian Economics Association, vol. 23(3), pages 630-653, August.
    5. Stewart, James & Callagher, Peter, 2011. "Quota concentration in the New Zealand fishery: Annual catch entitlement and the small fisher," Marine Policy, Elsevier, vol. 35(5), pages 631-646, September.
    6. Bremner, Graeme & Johnstone, Peter & Bateson, Tracy & Clarke, Philip, 2009. "Unreported bycatch in the New Zealand West Coast South Island hoki fishery," Marine Policy, Elsevier, vol. 33(3), pages 504-512, May.
    7. Stewart, James & Walshe, Kim & Moodie, Beverley, 2006. "The demise of the small fisher? A profile of exiters from the New Zealand fishery," Marine Policy, Elsevier, vol. 30(4), pages 328-340, July.
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    1. Holland, Daniel S. & Thunberg, Eric & Agar, Juan & Crosson, Scott & Demarest, Chad & Kasperski, Stephen & Perruso, Larry & Steiner, Erin & Stephen, Jessica & Strelcheck, Andy & Travis, Mike, 2015. "US catch share markets: a review of data availability and impediments to transparent markets," Marine Policy, Elsevier, vol. 57(C), pages 103-110.

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