This paper analyzes the behavior of fishing households under individual transferable quotas (ITQ) system based on Singh, Squire and Strauss household model. ITQ system is sought to be the optimal fishery management regime in terms of economic efficiency. However, preceding theoretical analyses only considered implementing ITQ to a well established...
Although many fisheries around the world have long required explicit licensing for fishery participants, the use of limited entry licensing to control fishing effort has become a common practice in the last two decades. In contrast to Individual Fishing Quotas (IFQs), limited entry is only a step towards rights-based management....
This paper develops an option value model to examine vessel owners in deciding to participate or not in the vessel buyback program. The model accounts for the uncertainty generally involved in a decision to retire an aged vessel and the underlying value of waiting for new information about the profitability...