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Spatial and seasonal equilibrium harvesting in quota-managed multispecies fisheries

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  • Singh, Rajesh
  • Weninger, Quinn

Abstract

We introduce an ecological-economic model of a spatially and temporally heterogeneous multiple-species fishery. The fishery is regulated with individual transferable fishing quotas that cap landings of individual species during a regulatory cycle, or fishing season. Quotas are neither spatially nor temporally (within-season) delineated and, therefore, fishermen choose where and when to harvest fish. We derive a rational expectation equilibrium for the spatial-temporal harvests, landings, discards, and capital allocations over a representative season. Our results characterize a complex mapping from initial ecological-economic conditions, i.e., stock abundance, prices, technology, and regulations, to outcomes of management interest, e.g., spatial-temporal fishing mortality and resource rent generation. The results offer advice for resource managers for setting multiple-species quotas that effectively meet management goals in complex but realistic ecological-economic systems.

Suggested Citation

  • 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.
  • Handle: RePEc:isu:genstf:201708300700001033
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    File URL: http://lib.dr.iastate.edu/cgi/viewcontent.cgi?article=1033&context=econ_workingpapers
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    References listed on IDEAS

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    1. Berck, Peter & Perloff, Jeffrey M, 1984. "An Open-Access Fishery with Rational Expectations," Econometrica, Econometric Society, vol. 52(2), pages 489-506, March.
    2. Boyce, John R., 1996. "An Economic Analysis of the Fisheries Bycatch Problem," Journal of Environmental Economics and Management, Elsevier, vol. 31(3), pages 314-336, November.
    3. Valcu, Adriana & Weninger, Quinn, 2013. "Markov-Perfect Rent Dissipation in Rights-Based Fisheries," Staff General Research Papers Archive 33820, Iowa State University, Department of Economics.
    4. Sanchirico, James N. & Wilen, James E., 2005. "Optimal spatial management of renewable resources: matching policy scope to ecosystem scale," Journal of Environmental Economics and Management, Elsevier, vol. 50(1), pages 23-46, July.
    5. Singh, Rajesh & Weninger, Quinn, 2017. "Quota flexibility in multi-species fisheries," ISU General Staff Papers 201707080700001026, Iowa State University, Department of Economics.
    6. Dale Squires, 1987. "Public Regulation and the Structure of Production in Multiproduct Industries: An Application to the New England Otter Trawl Industry," RAND Journal of Economics, The RAND Corporation, vol. 18(2), pages 232-247, Summer.
    7. 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.
    8. Sanchirico, James N. & Wilen, James E., 1999. "Bioeconomics of Spatial Exploitation in a Patchy Environment," Journal of Environmental Economics and Management, Elsevier, vol. 37(2), pages 129-150, March.
    9. Turner, Matthew A., 1997. "Quota-Induced Discarding in Heterogeneous Fisheries," Journal of Environmental Economics and Management, Elsevier, vol. 33(2), pages 186-195, June.
    10. Smith, Martin D. & Sanchirico, James N. & Wilen, James E., 2009. "The economics of spatial-dynamic processes: Applications to renewable resources," Journal of Environmental Economics and Management, Elsevier, vol. 57(1), pages 104-121, January.
    11. U. Sumaila & Ahmed Khan & Andrew Dyck & Reg Watson & Gordon Munro & Peter Tydemers & Daniel Pauly, 2010. "A bottom-up re-estimation of global fisheries subsidies," Journal of Bioeconomics, Springer, vol. 12(3), pages 201-225, October.
    12. Singh, Rajesh & Weninger, Quinn, 2009. "Bio-Economies of Scope and the Discard Problem in Mulitple Species Fisheries," Staff General Research Papers Archive 12839, Iowa State University, Department of Economics.
    13. Singh, Rajesh & Weninger, Quinn, 2017. "Quota flexibility in multi-species fisheries," ISU General Staff Papers 201707260700001026, Iowa State University, Department of Economics.
    14. Costello, Christopher J & Deacon, Robert T, 2007. "The Efficiency Gains from Fully Delineating Rights in an ITQ Fishery," University of California at Santa Barbara, Economics Working Paper Series qt56n8x9qb, Department of Economics, UC Santa Barbara.
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