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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)
  • 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. R. Quentin Grafton & Ragnar Arnason & Trond Bjorndal & David Campbell & Harry F. Campbell & Colin W. Clark & Robin Connor & Diane P. Dupont & Rognvaldur Hannesson & Ray Hilborn & James E. Kirkley & To, 2005. "Incentive-based approaches to sustainable fisheries," Economics and Environment Network Working Papers 0508, Australian National University, Economics and Environment Network.
  2. 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.
  3. 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.
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  5. Claire Macher & Olivier Guyader & Catherine Talidec & M. Bertignac, 2008. "A cost–benefit analysis of improving trawl selectivity in the case of discards: The Nephrops norvegicus fishery in the Bay of Biscay," Post-Print hal-00359860, HAL.
  6. Doyen, Luc & Péreau, Jean-Christophe, 2012. "Sustainable coalitions in the commons," Mathematical Social Sciences, Elsevier, vol. 63(1), pages 57-64.
  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. 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.
  9. Stefan Baumgärtner & Martin F. Quaas, 2007. "Ecological-economic viability as a criterion of strong sustainability under uncertainty," Working Paper Series in Economics 67, University of Lüneburg, Institute of Economics.
  10. 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.
  11. 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.
  12. 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.
  13. 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.
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  15. Tom Kompas & Tuong Nhu Che & R. Quentin Grafton, 2003. "Technical efficiency effects of input controls: evidence from Australia's banana prawn fishery," International and Development Economics Working Papers idec03-3, International and Development Economics.
  16. Boyce, John R., 2004. "Instrument choice in a fishery," Journal of Environmental Economics and Management, Elsevier, vol. 47(1), pages 183-206, January.
  17. Grafton, R.Q. & Squires, D. & Fox, K.J., 1998. "Private Property and Economic Efficiency: A Study of a Common-Pool Resource," Working Papers 9804e, University of Ottawa, Department of Economics.
  18. Katell Hamon & Olivier Thébaud & Stewart Frusher & L. Richard Little, 2009. "A retrospective analysis of the effects of adopting individual transferable quotas in the Tasmanian red rock lobster, Jasus edwardsii, fishery," Post-Print hal-00511501, HAL.
  19. Kerr, Suzi & Sanchirico, James & Newell, Richard, 2002. "Fishing Quota Markets," Discussion Papers dp-02-20, Resources For the Future.
  20. 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.
  21. 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.
  22. Martinet, Vincent, 2011. "A characterization of sustainability with indicators," Journal of Environmental Economics and Management, Elsevier, vol. 61(2), pages 183-197, March.
  23. 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.
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