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The triple bottom line: Meeting ecological, economic and social goals with Individual Transferable Quotas

  • Jean-Christophe PEREAU (GREThA, UMR CNRS 5113)
  • Luc DOYEN (CNRS-MNHN, CNRS, UMR 7204)
  • Rich LITTLE (CSIRO Marine and Atmospheric Research)
  • Olivier THEBAUD (CSIRO Marine and Atmospheric Research)

This paper deals with the sustainable management of a renewable resource based on individual and transferable quotas (ITQs) when agents differ in terms of harvesting costs or catching capabilities. In a dynamic bio-economic model, we determine the feasibility conditions under which a fishery manager can achieve sustainability objectives which simultaneously account for stock renewal, economic efficiency and maintenance of fishing activity for the agents along time. We show that the viability of quota management strategies based on fixing Total Allowable Catch (TAC) limits depends on the degree of heterogeneity of users in the fishery, the current status and the dynamics of the stock. In particular for a given stock, we compute the maximin effort for a given set of agents and we derive the maximal number of active agents for a given guaranteed effort. An application to the nephrops fishery in the Bay of Biscay illustrates the results.

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Paper provided by Groupe de Recherche en Economie Théorique et Appliquée in its series Cahiers du GREThA with number 2011-01.

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Date of creation: 2011
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Handle: RePEc:grt:wpegrt:2011-01
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  1. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124.
  2. Grafton, Quentin R. & Arnason, Ragnar & Bjorndal, Trond & Campbell, David & Campbell, Harry F. & Clark, Colin W. & Connor, Robin & Dupont, Diane P. & Hannesson, Rognvaldur & Hillborn, Ray & Kirkley, J, 2006. "Incentive-Based Approaches to Sustainable Fisheries," Staff General Research Papers 12766, Iowa State University, Department of Economics.
  3. Luc DOYEN (CNRS - CERSP) & Jean-Christophe PEREAU (GREThA UMR CNRS 5113), 2009. "Sustainable coalitions in the commons," Cahiers du GREThA 2009-15, Groupe de Recherche en Economie Théorique et Appliquée.
  4. Heaps, Terry, 2003. "The effects on welfare of the imposition of individual transferable quotas on a heterogeneous fishing fleet," Journal of Environmental Economics and Management, Elsevier, vol. 46(3), pages 557-576, November.
  5. Baumgärtner, Stefan & Quaas, Martin F., 2009. "Ecological-economic viability as a criterion of strong sustainability under uncertainty," Ecological Economics, Elsevier, vol. 68(7), pages 2008-2020, May.
  6. Hatcher, Aaron, 2005. "Non-compliance and the quota price in an ITQ fishery," Journal of Environmental Economics and Management, Elsevier, vol. 49(3), pages 427-436, May.
  7. Boyce, John R., 2004. "Instrument choice in a fishery," Journal of Environmental Economics and Management, Elsevier, vol. 47(1), pages 183-206, January.
  8. Olivier Guyader, 2002. "Simulating the Effect of Regulatory Systems in a Fishery, An Application to the French Driftnet Albacore Fleet," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 23(1), pages 1-28, September.
  9. Guyader, Olivier & Thébaud, Olivier, 2001. "Distributional issues in the operation of rights-based fisheries management systems," Marine Policy, Elsevier, vol. 25(2), pages 103-112, March.
  10. Grafton, R Quentin & Squires, Dale & Fox, Kevin J, 2000. "Private Property and Economic Efficiency: A Study of a Common-Pool Resource," Journal of Law and Economics, University of Chicago Press, vol. 43(2), pages 679-713, October.
  11. Pinkerton, Evelyn & Edwards, Danielle N., 2009. "The elephant in the room: The hidden costs of leasing individual transferable fishing quotas," Marine Policy, Elsevier, vol. 33(4), pages 707-713, July.
  12. Tom Kompas & Tuong Che, 2005. "Efficiency Gains and Cost Reductions from Individual Transferable Quotas: A Stochastic Cost Frontier for the Australian South East Fishery," Journal of Productivity Analysis, Springer, vol. 23(3), pages 285-307, 07.
  13. Vincent Martinet & Olivier Thébaud & Luc Doyen, 2007. "Defining viable recovery path toward sustainable fisheries," Working Papers 19853, Institut National de la Recherche Agronomique, France.
  14. Tom Kompas & Tuong Nhu Che & R. Quentin Grafton, 2004. "Technical efficiency effects of input controls: evidence from Australia's banana prawn fishery," Applied Economics, Taylor & Francis Journals, vol. 36(15), pages 1631-1641.
  15. Bene, C. & Doyen, L. & Gabay, D., 2001. "A viability analysis for a bio-economic model," Ecological Economics, Elsevier, vol. 36(3), pages 385-396, March.
  16. Martinet, Vincent, 2011. "A characterization of sustainability with indicators," Journal of Environmental Economics and Management, Elsevier, vol. 61(2), pages 183-197, March.
  17. Homans, Frances R. & Wilen, James E., 1997. "A Model of Regulated Open Access Resource Use," Journal of Environmental Economics and Management, Elsevier, vol. 32(1), pages 1-21, January.
  18. Squires Dale & Alauddin Mohammad & Kirkley James, 1994. "Individual Transferable Quota Markets and Investment Decisions in the Fixed Gear Sablefish Industry," Journal of Environmental Economics and Management, Elsevier, vol. 27(2), pages 185-204, September.
  19. Martinet, V. & Doyen, L., 2007. "Sustainability of an economy with an exhaustible resource: A viable control approach," Resource and Energy Economics, Elsevier, vol. 29(1), pages 17-39, January.
  20. Newell, Richard G. & Sanchirico, James N. & Kerr, Suzi, 2005. "Fishing quota markets," Journal of Environmental Economics and Management, Elsevier, vol. 49(3), pages 437-462, May.
  21. 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.
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