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Restricted capacity and rent dissipation in a regulated open access fishery

  • Deacon, Robert T.
  • Finnoff, David
  • Tschirhart, John
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    A common strategy for limiting the total annual catch in a fishery is to restrict entry and season length. We examine the results of this strategy when entry limitation amounts to a limit on capital, but fishing firms can vary an unrestricted input, and thereby use the restricted input more intensively. Under these regulatory constraints, fishing firms will earn rents that depend on the elasticity of substitution between restricted and unrestricted inputs. Using simulations with data from the Alaskan pollock fishery, rents and season length are shown to depend on fish and variable input prices, sometimes in surprisingly non-monotonic ways.

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    File URL: http://www.sciencedirect.com/science/article/B6VFJ-507BHMC-1/2/e5213d79b94b372bd27a3fc8ee38d16b
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    Article provided by Elsevier in its journal Resource and Energy Economics.

    Volume (Year): 33 (2011)
    Issue (Month): 2 (May)
    Pages: 366-380

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    Handle: RePEc:eee:resene:v:33:y:2011:i:2:p:366-380
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505569

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    1. Blackorby, Charles & Russell, R Robert, 1981. "The Morishima Elasticity of Substitution; Symmetry, Constancy, Separability, and Its Relationship to the Hicks and Allen Elasticities," Review of Economic Studies, Wiley Blackwell, vol. 48(1), pages 147-58, January.
    2. Campbell, H. F., 1991. "Estimating the elasticity of substitution between restricted and unrestricted inputs in a regulated fishery: A probit approach," Journal of Environmental Economics and Management, Elsevier, vol. 20(3), pages 262-274, May.
    3. Weninger, Quinn & McConnell, K. E., 2000. "Buyback Programs in Commercial Fisheries: Efficiency Versus Transfers," Staff General Research Papers 1834, Iowa State University, Department of Economics.
    4. 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.
    5. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124.
    6. Hilborn, Ray, 2007. "Defining success in fisheries and conflicts in objectives," Marine Policy, Elsevier, vol. 31(2), pages 153-158, March.
    7. Deacon, Robert T & Sonstelie, Jon, 1991. "Price Controls and Rent Dissipation with Endogenous Transaction Costs," American Economic Review, American Economic Association, vol. 81(5), pages 1361-73, December.
    8. Lee G. Anderson, 1985. "Potential Economic Benefits from Gear Restrictions and License Limitation in Fisheries Regulation," Land Economics, University of Wisconsin Press, vol. 64(4), pages 409-418.
    9. Boyce, John R., 2004. "Instrument choice in a fishery," Journal of Environmental Economics and Management, Elsevier, vol. 47(1), pages 183-206, January.
    10. Deacon, Robert T, 1994. "Incomplete Ownership, Rent Dissipation, and the Return to Related Investments," Economic Inquiry, Western Economic Association International, vol. 32(4), pages 655-83, October.
    11. H. F. Campbell & R. K. Lindner, 1990. "The Production of Fishing Effort and the Economic Performance of Licence Limitation Programs," Land Economics, University of Wisconsin Press, vol. 66(1), pages 56-66.
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