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An Empirical Analysis of Individual Fishing Quota Market Trading

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  • Di Jin
  • Min-Yang Lee
  • Eric Thunberg

Abstract

In the study, we investigate determinants of individual fishing quota (IFQ) lease price and transfer of permanent share in the General Category Scallop fishery of the Northeastern United States. A unique micro data set on individual IFQ transactions and related vessel-level fishing profit information for the six-year time period, fishing years 2010–2015, was used to estimate models of aggregate IFQ lease markets and individual transactions. We find that IFQ lease price is affected by the marginal profit of scallop fishing as well as macro-economic conditions. Results of the analysis also suggest that the price for IFQ asset transfers captures the capitalized profits in the fishery over time. Overall, IFQ market performance is in general agreement with economic theory.

Suggested Citation

  • Di Jin & Min-Yang Lee & Eric Thunberg, 2019. "An Empirical Analysis of Individual Fishing Quota Market Trading," Marine Resource Economics, University of Chicago Press, vol. 34(1), pages 39-57.
    • Handle: RePEc:ucp:mresec:doi:10.1086/701971
    DOI: 10.1086/701971
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    Cited by:

    1. Aaron Hatcher, 2022. "A Model of Quota Prices in a Multispecies Fishery with “Choke” Species and Discarding," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 82(4), pages 825-846, August.
    2. Talent Ndlovu & Sylvain Charlebois, 2020. "Impacts of Climate Change: Can Fisheries and Aquaculture Sectors Survive the Wave?," International Journal of Global Sustainability, Macrothink Institute, vol. 4(1), pages 78-90, December.
    3. Moor, Jordan & Asche, Frank & Ropicki, Andrew J., 2023. "Renewable resource market responses under rights-based management: linkages in Gulf of Mexico fisheries," 2023 Annual Meeting, July 23-25, Washington D.C. 335749, Agricultural and Applied Economics Association.
    4. Reimer, Matthew N. & Abbott, Joshua K. & Haynie, Alan C., 2022. "Structural behavioral models for rights-based fisheries," Resource and Energy Economics, Elsevier, vol. 68(C).

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