It is now widely recognized that property rights based fisheries management regimes are well
suited for generating efficiency in fisheries. Apart from access licences, which are very low
quality property rights, individual quotas (IQs) and individual transferable quotas (ITQs) are the
most widely applicable and, indeed, the most commonly applied...
The sustainable yield function is a favoured tool in fisheries policy making. Normally, this function is drawn as a continuous curve in effort-yield space. This means that sustainable yield (harvest) is gradually reduced to zero as fishing effort increases. This, however, does not have to be the case. The sustainable...
When fishers can avoid detection and/or sanctions for violating fisheries management rules, the fisheries enforcement problem becomes substantially more complicated. A number of issues immediately pop up. First, the effectiveness of enforcement effort is reduced. This, ceteris paribus, reduces the optimal enforcement effort. Second, the impact on the fishery of...
If fisheries management is supposed to affect behaviour, it has to be enforced. Fisheries
enforcement has generally been found to be quite costly compared to the attainable rents from
the fishery. This has a number of important implications. First, obviously, it is economically
important to operate the enforcement activity at...
The concept of natural resource rents is much used in the natural resource and fisheries
economics literature. It is therefore somewhat surprising that in this same literature it is difficult
to find a clear definition of either natural resource rents or fisheries rents. Possibly, as a result,
the concept is...
Trends in key fisheries indicators are presented to provide the context for a profile of the economic health of the world's marine fisheries. Estimates of the economic value of global marine fishery production and costs of production are used as inputs to an economic model to derive a range of...
ITQ systems generate ITQ prices. For any given ITQ-managed species there are typically two prices. One is for the annual (or seasonal) quota, the other is for the longer lasting ITQ-share. In well-functioning ITQ markets, these prices reveal important information about the fishery. In the single species framework, prices of...
It is often taken for granted that taxation of rents is economically nondistortive. In certain areas of natural resource use, e.g. oil extraction and fisheries, this nondistortion principle has been used to justify taxation of what is regarded as resource rents. This paper challenges the view that such taxation is...
It has been established that the path of a fishery over time, i.e. stocks, fleets, effort and profits, depends inter alia on the enforcement of the fisheries management rules in place. It has further been established that optimal enforcement of fisheries management rules depends inter alia on the shadow value...
This paper estimates current resource rents being generated in the Icelandic cod fishery and compares them to the maximum sustainable attainable ones. For this purpose a simple aggregative model of the cod fishery is specified and empirically estimated. It is found that in spite of the cod stock being in...