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A Principal-Agent Analysis of Fisheries

Author

Listed:
  • Frank Jensen
  • Niels Vestergaard

Abstract

Very little principal-agent analysis has been done within the fisheries economic literature. This paper conducts a principal-agent analysis of fisheries. Within a standard principal-agent model, the low-cost agent must be allowed the same level of effort as under complete information. This conclusion does not hold for fisheries, because of a resource restriction and the fact that maximisation takes place over two variables. By means of comparative-static analysis, this paper argues that the low-cost agent must be allowed a larger effort than under complete information.

Suggested Citation

  • Frank Jensen & Niels Vestergaard, 2002. "A Principal-Agent Analysis of Fisheries," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 158(2), pages 276-276, June.
  • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200206)158:2_276:apaof_2.0.tx_2-4
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    References listed on IDEAS

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    1. Evan Kwerel, 1977. "To Tell the Truth: Imperfect Information and Optimal Pollution Control," Review of Economic Studies, Oxford University Press, vol. 44(3), pages 595-601.
    2. Brown, Gardner, Jr, 1974. "An Optimal Program for Managing Common Property Resources with Congestion Externalities," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 163-173, Jan.-Feb..
    3. Diane P. Dupont, 1991. "Testing for Input Substitution in a Regulated Fishery," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(1), pages 155-164.
    4. Parzival Copes, 1986. "A Critical Review of the Individual Quota as a Device in Fisheries Management," Land Economics, University of Wisconsin Press, vol. 62(3), pages 278-291.
    5. Ragnar Arnason, 1990. "Minimum Information Management in Fisheries," Canadian Journal of Economics, Canadian Economics Association, vol. 23(3), pages 630-653, August.
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    Citations

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    Cited by:

    1. Lone Kronbak & Marko Lindroos, 2006. "An Enforcement-Coalition Model: Fishermen and Authorities Forming Coalitions," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 35(3), pages 169-194, November.
    2. Margrethe Aanesen & Claire Armstrong, 2013. "Stakeholder Influence and Optimal Regulations: A Common-Agency Analysis of Ecosystem-Based Fisheries Regulations," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 169(2), pages 320-338, June.
    3. Finn Olesen, 2003. "Rudolf Christiani - en interessant rigsdagsmand?," Working Papers 44/03, University of Southern Denmark, Department of Sociology, Environmental and Business Economics.
    4. José Antonio VIDAL HERNANDEZ-MORA & Marcos ANTÓN RENART & María del Rocío MORENO ENGUIX, 2009. "An Analysis of the Dependence of the Spanish Fisheries Industry on the Financial Instrument for Fisheries Guidance," European Financial and Accounting Journal, University of Economics, Prague, vol. 2009(2), pages 34-64.
    5. Hugo Salgado & Carlos Chávez, 2016. "Using Taxes to Deter Illegal Fishing in ITQ Systems," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 64(4), pages 709-724, August.
    6. Jensen, Frank & Nøstbakken, Linda, 2016. "A corporate-crime perspective on fisheries: liability rules and non-compliance," Environment and Development Economics, Cambridge University Press, vol. 21(03), pages 371-392, June.
    7. Urs Steiner Brandt & Frank Jensen & Lars Gårn Hansen & Niels Vestergaard, 2004. "Ratcheting in Renewable Resources Contracting," Working Papers 58/04, University of Southern Denmark, Department of Sociology, Environmental and Business Economics.
    8. Jensen, Frank, 2008. "Uncertainty and asymmetric information: An overview," Marine Policy, Elsevier, vol. 32(1), pages 89-103, January.

    More about this item

    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
    • L5 - Industrial Organization - - Regulation and Industrial Policy

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