Generating Enhanced Fishery Rents by Internalizing Product Quality Characteristics
This paper demonstrates howadditional rents are generated in a fisherycharacterized by intraseasonal variation infish characteristics, including size,condition, and composition. Based on anexpanded conceptual model of the optimalharvest rule, fish characteristics affect preand post harvest production yields and outputprices. A dynamic empirical model, which uses asystem of quality characteristics and anhedonic equation, illustrates the complexrelationships and management choices associatedwith internalizing seafood qualitycharacteristics in a hake fishery. The modelretains the regulated open access managementsystem, but controls intertemporal andintersectoral quotas, production portfolios,and total allowable catch. Results demonstratethat including revenue-side effects frominternalizing fish quality can generatesignificantly greater rents and reduce therelative benefits of increased productionyields. If excluded, bioeconomic models canunderestimate the level of regulatory rentdissipation and overemphasize managementobjectives such as full utilization, whichcould misdirect processing decisions and resultin a suboptimal resource management plan.Implications for data collection,multidisciplinary analysis, and improvements inmarine resource management are discussed. Copyright Kluwer Academic Publishers 2004
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Volume (Year): 28 (2004)
Issue (Month): 1 (May)
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- Robert L. Kellogg & J. E. Easley & Thomas Johnson, 1988. "Optimal Timing of Harvest for the North Carolina Bay Scallop Fishery," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 70(1), pages 50-62.
- Kenneth E. McConnell & Ivar E. Strand, 2000. "Hedonic Prices for Fish: Tuna Prices in Hawaii," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(1), pages 133-144.
- J. Douglas MacDonald & R. L. Mazany, 1984. "Quality Improvement: Panacea for the Atlantic Fishing Industry?," Canadian Public Policy, University of Toronto Press, vol. 10(3), pages 278-286, September.
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