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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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  1. Hoel, Michael & Karp, Larry, 2002. "Taxes versus quotas for a stock pollutant," Resource and Energy Economics, Elsevier, vol. 24(4), pages 367-384, November.
  2. Baumol,William J. & Oates,Wallace E., 1988. "The Theory of Environmental Policy," Cambridge Books, Cambridge University Press, number 9780521311120.
  3. Baumol,William J. & Oates,Wallace E., 1988. "The Theory of Environmental Policy," Cambridge Books, Cambridge University Press, number 9780521322249.
  4. Andersen, Peder, 1982. "Commercial fisheries under price uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 9(1), pages 11-28, March.
  5. Neher,Philip A., 1990. "Natural Resource Economics," Cambridge Books, Cambridge University Press, number 9780521311748.
  6. Wilen, James E., 2000. "Renewable Resource Economists and Policy: What Differences Have We Made?," Journal of Environmental Economics and Management, Elsevier, vol. 39(3), pages 306-327, May.
  7. 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.
  8. Theil, Henri, 1977. "The Independent Inputs of Production," Econometrica, Econometric Society, vol. 45(6), pages 1303-27, September.
  9. Grafton R. Quentin, 1994. "A Note on Uncertainty and Rent Capture in an ITQ Fishery," Journal of Environmental Economics and Management, Elsevier, vol. 27(3), pages 286-294, November.
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