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Optimal Intra-annual Exploitation of the Maine Lobster Fishery

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  • Daniel S. Holland

Abstract

I present a model of the Maine lobster fishery that incorporates a monthly demand model and an empirically estimated production function that accounts for seasonal variability in catchability, inseason depletion, and congestion effects. I compare optimal exploitation with observed exploitation and evaluate the extent to which profits under a conventional individual transferable quota (ITQ) system would be dissipated by congestion and in-season depletion externalities. The models show that profits could be substantially increased from the status quo through effort reductions and changes in the harvest schedule, but profits under an ITQ system may be reduced by as much as 30% by unresolved externalities.

Suggested Citation

  • Daniel S. Holland, 2011. "Optimal Intra-annual Exploitation of the Maine Lobster Fishery," Land Economics, University of Wisconsin Press, vol. 87(4), pages 699-711.
  • Handle: RePEc:uwp:landec:v:87:y:2011:iv:1:p:699-711
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    File URL: http://le.uwpress.org/cgi/reprint/87/4/699
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    Cited by:

    1. Kvamsdal, Sturla F. & Maroto, José M. & Morán, Manuel & Sandal, Leif K., 2016. "A bridge between continuous and discrete-time bioeconomic models: Seasonality in fisheries," Discussion Papers 2016/20, Norwegian School of Economics, Department of Business and Management Science.
    2. Matthew N. Reimer & Joshua K. Abbott & James E. Wilen, 2014. "Unraveling the Multiple Margins of Rent Generation from Individual Transferable Quotas," Land Economics, University of Wisconsin Press, vol. 90(3), pages 538-559.
    3. Quaas, Martin F. & Requate, Till & Ruckes, Kirsten & Skonhoft, Anders & Vestergaard, Niels & Voss, Rudi, 2013. "Incentives for optimal management of age-structured fish populations," Resource and Energy Economics, Elsevier, vol. 35(2), pages 113-134.
    4. repec:eee:ecomod:v:364:y:2017:i:c:p:124-131 is not listed on IDEAS

    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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