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Generating Value in Habitat-Dependent Fisheries: The Importance Of Fishery Management Institutions

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  • Smith, Martin D.

Abstract

This paper considers the dynamic producer and consumer benefits from improving habitat that supports a commercial fishery under two different fishery management institutions. By coupling state equations that represent the effects of estuarine eutrophication on fish populations with a multispecies, two-patch spatial bioeconomic model that endogenizes output price through residual demand, the analysis computes welfare changes from a major reduction in nutrient pollution. This, in turn, reduces the incidence of hypoxia (low dissolved oxygen) and enhances prey availability. The North Carolina blue crab fishery serves as the empirical application, and water quality improvements pertain to the Neuse River Estuary and the contiguous Pamlico Sound. The analysis simulates dynamic rent and consumer surplus changes from a 30% decrease in nitrogen loading under both open access (the status quo) and a partially rationalized fishery (constant total effort). Producer benefits from the environmental quality change are higher for the rationalized fishery than for open access but are of the same order of magnitude for some parameter values. Consumer benefits are larger than producer benefits and are comparable across institutions. However, the total benefits from improving environmental quality are small relative to the benefits from rationalizing the fishery and leaving environmental quality the same.

Suggested Citation

  • Smith, Martin D., 2005. "Generating Value in Habitat-Dependent Fisheries: The Importance Of Fishery Management Institutions," Working Papers 05-12, Duke University, Department of Economics.
  • Handle: RePEc:duk:dukeec:05-12
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    References listed on IDEAS

    as
    1. Yoshiaki Kaoru & V. Kerry Smith & Jin Long Liu, 1995. "Using Random Utility Models to Estimate the Recreational Value of Estuarine Resources," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 77(1), pages 141-151.
    2. Swallow, Stephen K., 1990. "Depletion of the environmental basis for renewable resources: The economics of interdependent renewable and nonrenewable resources," Journal of Environmental Economics and Management, Elsevier, vol. 19(3), pages 281-296, November.
    3. Brock, William & Xepapadeas, Anastasios, 2002. "Optimal Ecosystem Management when Species Compete for Limiting Resources," Journal of Environmental Economics and Management, Elsevier, vol. 44(2), pages 189-220, September.
    4. John A. List & Aart de Zeeuw (ed.), 2002. "Recent Advances in Environmental Economics," Books, Edward Elgar Publishing, number 2728, July.
    5. Tu, Pierre N. V. & Wilman, Elizabeth A., 1992. "A generalized predator- prey model: Uncertainty and management," Journal of Environmental Economics and Management, Elsevier, vol. 23(2), pages 123-138, September.
    6. McConnell, Kenneth E. & Strand, Ivar E., 1989. "Benefits from commercial fisheries when demand and supply depend on water quality," Journal of Environmental Economics and Management, Elsevier, vol. 17(3), pages 284-292, November.
    7. Finnoff, David & Tschirhart, John, 2003. "Harvesting in an eight-species ecosystem," Journal of Environmental Economics and Management, Elsevier, vol. 45(3), pages 589-611, May.
    8. Bockstael, Nancy E. & Opaluch, James J., 1983. "Discrete modelling of supply response under uncertainty: The case of the fishery," Journal of Environmental Economics and Management, Elsevier, vol. 10(2), pages 125-137, June.
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    Cited by:

    1. Huang, Ling & Smith, Martin D., 2011. "Management of an annual fishery in the presence of ecological stress: The case of shrimp and hypoxia," Ecological Economics, Elsevier, vol. 70(4), pages 688-697, February.
    2. Barbier, Edward B., 2012. "A spatial model of coastal ecosystem services," Ecological Economics, Elsevier, vol. 78(C), pages 70-79.

    More about this item

    Keywords

    ecosystem services; open access; bioeconomics; spatial fishery;

    JEL classification:

    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water

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    1. Socio-economics of Fisheries and Aquaculture

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