The triple bottom line: Meeting ecological, economic and social goals with Individual Transferable Quotas
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.
|Date of creation:||2011|
|Date of revision:|
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