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Markov-Perfect Rent Dissipation in Rights-Based Fisheries

Listed author(s):
  • Valcu, Adriana
  • Weninger, Quinn

We present a general, dynamic model of within-season harvesting competition in a fishery managed with individual transferable quotas. Markov-Perfect equilibrium harvesting and quota purchase strategies are derived using numerical collocation methods. We identify rent loss caused by a heterogeneous-in-value fish stock, congestion on the fishing ground, revenue competition and stock uncertainty. Our results show that biological, technological and market conditions under which rents will be dissipated in a standard individual transferable quota program are fairly special. These fi ndings provide new insights for designing rights-based programs capable of generating resource rent in marine fisheries.

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers Archive with number 33820.

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Date of creation: 24 Jun 2013
Publication status: Published in Marine Resource Economics, June 2013, vol. 28 no. 2, pp. 111-131
Handle: RePEc:isu:genres:33820
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Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070

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