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Rent Dissipation in Chartered Recreational Fisheries: Inside the Black Box

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  • A canvass of the resource economics literature of the last thirty years yields a limited number of applications of economic theory to the problems of recreational fishing. This neglect may be linked to the short shrift given to the control of recreational fisheries (relative to commercial fisheries) by fisheries managers in the past. This asymmetry may be justified when recreational takes are sufficiently small as to be negligible for the purposes of stock management. However, it has become increasingly clear that recreational mortality, far from being insignificant, is often comparable to or greater than the commercial mortality for many species. As a needed contribution to this literature, we develop a simple bioeconomic model of optimal and open access management for a for-hire recreational fishery that builds upon the framework pioneered by McConnell and Sutinen (1979) and Anderson (1993). However, it extends their approach by incorporating a realistic and flexible theory of the choice of inputs of the for-hire fishing firm. This synthesis of traditional analytical bioeconomics with a production economics treatment of firm behavior is unique, both in commercial and recreational fisheries applications and allows us to analytically diagnose a number of avenues of rent dissipation in recreational fisheries, some of which have received little or no mention in the literature. We then utilize this model as a structure for the consideration of rationalization alternatives for recreational fisheries, particularly those in the Gulf of Mexico.
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  • Abbott, Joshua and James Wilen. 2008. Rent Dissipation in Chartered Recreational Fisheries: Inside the Black Box. 19 pages. In: Proceedings of the Fourteenth Biennial Conference of the International Institute of Fisheries Economics & Trade, July 22-25, 2008, Nha Trang, Vietnam: Achieving a Sustainable Future: Managing Aquaculture, Fishing, Trade and Development. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2008.
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  • US National Oceanic and Atmospheric Administration (NOAA) Fisheries Division, The Department of Fisheries and Oceans, Canada; Aquaculture CRSP and AquaFish CRSP; Minh Phu Seafood Corporation; Vietnam Datacommunication Company (VDC); Camau Frozen Seafood Processing Import Export Corporation (Camimex); Long Sinh Limited Company; Mai Linh Group and Nam Viet Corporation.
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