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Prices versus Quantities in Fisheries Models

Author

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  • Frank Jensen
  • Niels Vestergaard

Abstract

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.

Suggested Citation

  • Frank Jensen & Niels Vestergaard, 2003. "Prices versus Quantities in Fisheries Models," Land Economics, University of Wisconsin Press, vol. 79(3), pages 415-425.
  • Handle: RePEc:uwp:landec:v:79:y:2003:i:3:p:415-425
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    References listed on IDEAS

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    1. Theil, Henri, 1977. "The Independent Inputs of Production," Econometrica, Econometric Society, vol. 45(6), pages 1303-1327, September.
    2. Andersen, Peder, 1982. "Commercial fisheries under price uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 9(1), pages 11-28, March.
    3. Baumol,William J. & Oates,Wallace E., 1988. "The Theory of Environmental Policy," Cambridge Books, Cambridge University Press, number 9780521322249, November.
    4. 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.
    5. Hoel, Michael & Karp, Larry, 2002. "Taxes versus quotas for a stock pollutant," Resource and Energy Economics, Elsevier, pages 367-384.
    6. Neher,Philip A., 1990. "Natural Resource Economics," Cambridge Books, Cambridge University Press, number 9780521311748, December.
    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. 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.
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    Citations

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    Cited by:

    1. Nagl, Stephan, 2013. "Prices vs. Quantities: Incentives for Renewable Power Generation - Numerical Analysis for the European Power Market," EWI Working Papers 2013-4, Energiewirtschaftliches Institut an der Universitaet zu Koeln (EWI).
    2. Lars Gårn Hansen, 2008. "Prices versus Quantities in Fisheries Models: Comment," Land Economics, University of Wisconsin Press, vol. 84(4), pages 708-711.
    3. Beard, Rodney, 2008. "A dynamic model of renewable resource harvesting with Bertrand competition," MPRA Paper 8916, University Library of Munich, Germany.
    4. Frank Jensen & Lars Gårn Hansen, 2017. "The welfare gain from switching to tax regulation of fisheries," IFRO Working Paper 2017/07, University of Copenhagen, Department of Food and Resource Economics.
    5. repec:eee:resene:v:50:y:2017:i:c:p:164-177 is not listed on IDEAS
    6. Frank Jensen & Niels Vestergaard, 2004. "Fisheries Management with Multiple Market Failures," Working Papers 54/04, University of Southern Denmark, Department of Sociology, Environmental and Business Economics.
    7. Lars Gårn Hansen, 2012. "Regulating Renewable Resources under Uncertainty," IFRO Working Paper 2012/3, University of Copenhagen, Department of Food and Resource Economics.
    8. Vincent Martinet & Julio Peña-Torres & Michel Lara & Hector Ramírez C., 2016. "Risk and Sustainability: Assessing Fishery Management Strategies," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, pages 683-707.
    9. Ostrom, Elinor (Ed.) & Schlüter, Achim (Ed.), 2007. "The challenge of self-governance in complex, globalizing economies: Collection of revised papers of a PhD seminar," Working Papers 47-2007, University of Freiburg, Chair of Forestry Economics and Planning.
    10. Akpalu, Wisdom & Vondolia, Godwin K., 2012. "Bioeconomic model of spatial fishery management in developing countries," Environment and Development Economics, Cambridge University Press, vol. 17(02), pages 145-161, April.
    11. Vincent Martinet & Michel de Lara & Julio Peña & Héctor Ramirez, 2012. "Risk and Sustainability: Assessing Fisheries Management Strategies," ILADES-Georgetown University Working Papers inv276, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines.
    12. Rögnvaldur Hannesson & John Kenned, 2005. "Landing Fees versus Fish Quotas," Land Economics, University of Wisconsin Press, vol. 81(4).
    13. Jensen, Frank, 2008. "Uncertainty and asymmetric information: An overview," Marine Policy, Elsevier, pages 89-103.
    14. Hansen, Lars Gårn & Jensen, Frank & Russell, Clifford, 2013. "Instrument choice when regulators are concerned about resource extinction," Resource and Energy Economics, Elsevier, vol. 35(2), pages 135-147.
    15. David J. Pannell, 2008. "Public Benefits, Private Benefits, and Policy Mechanism Choice for Land-Use Change for Environmental Benefits," Land Economics, University of Wisconsin Press, vol. 84(2), pages 225-240.

    More about this item

    JEL classification:

    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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