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Prices versus Quantities in Fisheries Models

  • Frank Jensen
  • Niels Vestergaard

This paper discusses the conditions for generalizing the analysis in Weitzman (1974) to fisheries. It is shown that it is straightforward to generalize the analysis if the cost function is direct additively separable in stock size and catches. This leads to the conclusion that the analysis holds for a schooling fishery with and without search costs, but it might not hold for a search fishery. A further result is that for a schooling fishery without search costs, where the marginal cost function is steeper than the marginal benefit function, taxes are likely to be preferred over individual transferable quotas.

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File URL: http://le.uwpress.org/cgi/reprint/79/3/415
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Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 79 (2003)
Issue (Month): 3 ()
Pages: 415-425

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Handle: RePEc:uwp:landec:v:79:y:2003:i:3:p:415-425
Contact details of provider: Web page: http://le.uwpress.org/

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