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Markov-Perfect rent dissipation in rights-based fisheries

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  • Valcu-Lisman, Adriana
  • Weninger, Quinn

Abstract

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 findings provide new insights for designing rights-based programs capable of generating resource rent in marine fisheries.

Suggested Citation

  • Valcu-Lisman, Adriana & Weninger, Quinn, 2012. "Markov-Perfect rent dissipation in rights-based fisheries," ISU General Staff Papers 201209260700001037, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:201209260700001037
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    Cited by:

    1. Singh, Rajesh & Weninger, Quinn, 2017. "Spatial and seasonal equilibrium harvesting in quota-managed multispecies fisheries," ISU General Staff Papers 201708300700001033, Iowa State University, Department of Economics.
    2. Zhao, Hao & Porter, David, 2025. "Vote and trade: An efficient mechanism for common-pool resource management with stock externalities," Journal of Public Economics, Elsevier, vol. 249(C).
    3. Anna M. Birkenbach & Andreea L. Cojocaru & Frank Asche & Atle G. Guttormsen & Martin D. Smith, 2020. "Seasonal Harvest Patterns in Multispecies Fisheries," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 75(3), pages 631-655, March.

    More about this item

    JEL classification:

    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation

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