IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-00667597.html
   My bibliography  Save this paper

Investment Behaviour in Individual Non-Transferable Quota Systems

Author

Listed:
  • Frank Jensen

    (IFRO - Institute of Food and Resource Economics [Copenhagen] - Faculty of Science [Copenhagen] - UCPH - University of Copenhagen = Københavns Universitet)

  • Jesper Andersen

    (IFRO - Institute of Food and Resource Economics [Copenhagen] - Faculty of Science [Copenhagen] - UCPH - University of Copenhagen = Københavns Universitet)

  • Carsten Jensen

    (IFRO - Institute of Food and Resource Economics [Copenhagen] - Faculty of Science [Copenhagen] - UCPH - University of Copenhagen = Københavns Universitet)

Abstract

This paper studies investment behaviour for the Danish demersal fishery in the North Sea. For the study period, this fishery is regulated by variants of individual non-transferable quotas. It is shown that interest rates and capital stocks are primary determinants of investments. Another conclusion is that an aggregated model based on the whole fleet gives identical results to models based on individual fleets (disaggregated models) for trawlers and Danish Seiners. However, for netters and other vessels the aggregated and disaggregated models yield different results. In addition, the variance of the estimated parameters is lower in the disaggregated models. This result arises because vessels in the disaggregated models are more homogeneous. Furthermore, investment in machinery, electronics and vessels are governed by one year-lagged variables, while investment in gears is governed by present variables for the Danish demersal fishery in the North Sea.

Suggested Citation

  • Frank Jensen & Jesper Andersen & Carsten Jensen, 2011. "Investment Behaviour in Individual Non-Transferable Quota Systems," Post-Print hal-00667597, HAL.
    • Handle: RePEc:hal:journl:hal-00667597
    DOI: 10.1080/00036846.2010.528371
    Note: View the original document on HAL open archive server: https://hal.science/hal-00667597
    as

    Download full text from publisher

    File URL: https://hal.science/hal-00667597/document
    Download Restriction: no
    File URL: https://libkey.io/10.1080/00036846.2010.528371?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Brown, Gardner, Jr, 1974. "An Optimal Program for Managing Common Property Resources with Congestion Externalities," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 163-173, Jan.-Feb..
    2. Wilen, James E., 2000. "Renewable Resource Economists and Policy: What Differences Have We Made?," Journal of Environmental Economics and Management, Elsevier, vol. 39(3), pages 306-327, May.
    3. Smith, Vernon L, 1969. "On Models of Commercial Fishing," Journal of Political Economy, University of Chicago Press, vol. 77(2), pages 181-198, March/Apr.
    4. Clark, Colin W. & Munro, Gordon R., 1975. "The economics of fishing and modern capital theory: A simplified approach," Journal of Environmental Economics and Management, Elsevier, vol. 2(2), pages 92-106, December.
    5. Clark, Colin W & Clarke, Frank H & Munro, Gordon R, 1979. "The Optimal Exploitation of Renewable Resource Stocks: Problems of Irreversible Investment," Econometrica, Econometric Society, vol. 47(1), pages 25-47, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ingrid van Putten & Emmanuelle Quillérou & Olivier Guyader, 2012. "How constrained? Entry into the French Atlantic fishery through second-hand vessel purchase," Post-Print hal-00815455, HAL.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Eggert, Håkan, 2006. "Fisheries Economics and 20 years with Marine Resource Economics: A Citation Analysis," Working Papers in Economics 203, University of Gothenburg, Department of Economics.
    2. Martinet, Vincent & Thebaud, Olivier & Doyen, Luc, 2007. "Defining viable recovery paths toward sustainable fisheries," Ecological Economics, Elsevier, vol. 64(2), pages 411-422, December.
    3. Eric Nævdal, 2022. "Productivity and Management of Renewable Resources: Why More Efficient Fishing Fleets Should Fish Less," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 81(3), pages 409-424, March.
    4. José Ramón Ruiz Tamarit & Manuel Sánchez Moreno, 2006. "Optimal Regulation And Growth In A Natural-Resource-Based Economy," Working Papers. Serie AD 2006-21, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    5. Medel, Carlos A., 2011. "The Effects of Global Warming on Fisheries," MPRA Paper 28373, University Library of Munich, Germany.
    6. Monette, Marcel, 1986. "L’Économique des pêcheries : une revue de la littérature," L'Actualité Economique, Société Canadienne de Science Economique, vol. 62(2), pages 289-305, juin.
    7. Louis-Pascal Mahé & Carole Ropars, 2001. "L'exploitation régulée d'une ressource renouvelable : inefficacité d'un rationnement factoriel et efficacité des quotas individuels transférables," Économie et Prévision, Programme National Persée, vol. 148(2), pages 141-156.
    8. Schnier, Kurt E. & Anderson, Christopher M., 2006. "Decision making in patchy resource environments: Spatial misperception of bioeconomic models," Journal of Economic Behavior & Organization, Elsevier, vol. 61(2), pages 234-254, October.
    9. Ben White, 2000. "A Review of the Economics of Biological Natural Resources," Journal of Agricultural Economics, Wiley Blackwell, vol. 51(3), pages 419-462, September.
    10. Costello, Christopher & Polasky, Stephen, 2008. "Optimal harvesting of stochastic spatial resources," Journal of Environmental Economics and Management, Elsevier, vol. 56(1), pages 1-18, July.
    11. Squires, Dale & Vestergaard, Niels, 2013. "Technical change in fisheries," Marine Policy, Elsevier, vol. 42(C), pages 286-292.
    12. Martin F. Quaas & Max T. Stoeven & Bernd Klauer & Thomas Petersen & Johannes Schiller, 2018. "Windows of Opportunity for Sustainable Fisheries Management: The Case of Eastern Baltic Cod," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 70(2), pages 323-341, June.
    13. Hutton, Trevor & Sumaila, Ussif Rashid, 2002. "Natural Resource Accounting And South African Fisheries: A Bio-Economic Assessment Of The West Coast Deep-Sea Hake Fishery With Reference To The Optimal Utilisation And Management Of The Resource," Discussion Papers 18018, University of Pretoria, Center for Environmental Economics and Policy in Africa.
    14. Singh, Rajesh & Weninger, Quinn & Doyle, Matthew, 2006. "Fisheries management with stock growth uncertainty and costly capital adjustment," Journal of Environmental Economics and Management, Elsevier, vol. 52(2), pages 582-599, September.
    15. Christian Elleby & Frank Jensen, 2018. "How Many Instruments Do We Really Need? A First-Best Optimal Solution to Multiple Objectives with Fisheries Regulation," IFRO Working Paper 2018/05, University of Copenhagen, Department of Food and Resource Economics.
    16. Grafton, R. Quentin & Kompas, Tom & Chu, Long & Che, Nhu, 2010. "Maximum economic yield," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(3), pages 1-8.
    17. Gardner Brown, 2000. "Renewable Natural Resource Management and Use Without Markets," Working Papers 0025, University of Washington, Department of Economics.
    18. Norton, George W., 1976. "Constraints To Increasing Livestock Production In Less Developed Countries: A Literature Review," Staff Papers 14043, University of Minnesota, Department of Applied Economics.
    19. Urs Steiner Brandt & Niels Vestergaard, 2006. "Illegal Landings: An Aggregate Catch Self-Reporting Mechanism," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(4), pages 974-985.
    20. Gordon Munro & U. Sumaila, 2015. "On the Contributions of Colin Clark to Fisheries Economics," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 61(1), pages 1-17, May.

    More about this item

    Keywords

    Social Sciences & Humanities;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-00667597. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.