Equilibrium Prices in a Vertically Coordinated Fishery
Competition among processing firms is analyzed in a fishery that is managed under a total allowable catch constraint. Firms compete first in the ex-vessel market for round fish and then in the downstream consumer market. Nash equilibrium prices are characterized at each stage of the vertical market. When the number of processors is sufficiently large, equilibrium prices are approximately Walrasian. The ex-vessel price is close to the processor marginal valuation of the round fish and the consumer price clears the total quantity of processed fish. Implications for market structure, conduct and performance, and fisheries management policy are drawn.
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|Date of creation:||01 May 1999|
|Date of revision:|
|Publication status:||Published in Journal of Environmental Economics and Management, May 1999, vol. 37, pp. 290-305|
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- Colin W. Clark & Gordon R. Munro, 1980. "Fisheries and the Processing Sector: Some Implications for Management Policy," Bell Journal of Economics, The RAND Corporation, vol. 11(2), pages 603-616, Autumn.
- William E. Schworm, 1983. "Monopsonistic Control of a Common Property Renewable Resource," Canadian Journal of Economics, Canadian Economics Association, vol. 16(2), pages 275-87, May.
- David M. Kreps & Jose A. Scheinkman, 1983. "Quantity Precommitment and Bertrand Competition Yield Cournot Outcomes," Bell Journal of Economics, The RAND Corporation, vol. 14(2), pages 326-337, Autumn.
- Matulich Scott C. & Mittelhammer Ron C. & Greenberg Joshua A., 1995. "Exvessel Price Determination in the Alaska King Crab Fishery: A Formula Price Contract under Uncertainty?," Journal of Environmental Economics and Management, Elsevier, vol. 28(3), pages 374-387, May.
- Carl Davidson & Raymond Deneckere, 1986. "Long-Run Competition in Capacity, Short-Run Competition in Price, and the Cournot Model," RAND Journal of Economics, The RAND Corporation, vol. 17(3), pages 404-415, Autumn.
- Richard E. Levitan & Martin Shubik, 1970.
"Price Duopoly and Capacity Constraints,"
Cowles Foundation Discussion Papers
287, Cowles Foundation for Research in Economics, Yale University.
- Anderson, Lee G., 1991. "A note on market power in ITQ fisheries," Journal of Environmental Economics and Management, Elsevier, vol. 21(3), pages 291-296, November.
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