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Observing Recovery: The Role of Implicit Discount Rates in ITQ Fisheries

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  • This paper discusses the potential application of implicit discount rates (IDR) derived from Individual Transferable Quota (ITQ) trading data as indicators of fishery bio-economic health. The theoretical background is discussed, and in the context of one New Zealand ITQ fishery we analyze the behavior of IDR over ten years of Total Allowable Catches (TACs). We find evidence of convergence of IDR toward the cost of capital over time and a statistically significant inverse relationship between IDR and stock biomass estimates. Further, there is evidence based in the statistical properties of time series of IDR and monthly stock biomass observations of a causal relationship flowing from biomass to IDR. These findings motivate discussion of the role of IDR as an observable condition in fisheries recovery. We note the potential to monitor and compare the progress of fishery recovery using the IDR statistic or derivatives that reflect its time path to long run values associated with the stock management goal. We argue that IDR provide the opportunity to aggregate fishers’ tacit knowledge with models of bio-economic optima in understanding the recovery process.
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  • Batstone, Chris and Basil Sharp. 2006. Observing Recovery: The Role of Implicit Discount Rates in ITQ Fisheries. In: Proceedings of the Thirteenth Biennial Conference of the International Institute of Fisheries Economics & Trade, July 11-14, 2006, Portsmouth, UK: Rebuilding Fisheries in an Uncertain Environment. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2006. CD ROM. ISBN 0-9763432-3-1
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  • The National Oceanic & Atmospheric Administration Marine Fisheries Service, United States Department of Commerce (NOAA Fisheries); United Kingdom Department for Environment, Food and Rural Affairs (DEFRA); The United States Agency for International Development supported Aquaculture Collaborative Research and Support Program (ACRSP).
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