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  • On the Appropriate Rate of Discount

    Creator:
    Arnason, Ragnar
    Abstract:
    Discount rates, it is well-known, play an important role in the determining optimal extraction paths for natural resources. In fisheries analysis, as well as other natural resource use, constant discount rates are customarily assumed. In practical applications, the constant discount rate is often taken to be the social rate of...
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    Presentation
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    Association of Fisheries Economists Biannual Conference, 2017 La Paz, Mexico March 22-24, 2017 Ragnar

  • Fisheries Management Services in Iceland: Costs and Arrangements

    Creator:
    Arnason, Ragnar
    Abstract:
    To run the ITQ system as well as other components of the fisheries management system, the Icelandic government conducts a number of activities which may be regarded as fisheries management services. The most important of these are performed by (i) the Fisheries Directorate which maintains the quota registry and enforces...
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    and arrangements Paper presented at IIFET 2014 Brisbane, Australia July 7-11, 2014 Ragnar Arnason

  • Economics of the Global Marine Fishery: Changes between 2004 and 2012

    Creator:
    Arnason, Ragnar
    Abstract:
    In 2009 the World Bank published a study of the economic performance of the global marine fishery pertaining to the base year 2004. The key finding of this study was that the global fishery in 2004 was economically and biologically highly inefficient. More precisely, the difference between attainable and actual...
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    Presentation
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    IIFET 2016 Aberdeen, Scotland July 11-15, 2016 Ragnar Arnason Background • Fisheries are globally

  • Economically Sensible Caps on ITQ-Holdings

    Creator:
    Arnason, Ragnar
    Abstract:
    Many ITQ fisheries are subject to an upper limit or cap on ITQ-holdings by individual companies. The economic rationale for these caps seems to be to reduce the opportunities for monopolistic behaviour by the companies. A possible social cost of the caps is that limiting company size in fisheries, especially...
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    Paper presented at IIFET 2014 Brisbane, Australia July 7-11, 2014 Ragnar Arnason Introduction

  • Rents and Rents Drain in the Icelandic Cod Fishery

    Creator:
    Arnason, Ragnar
    Abstract:
    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...
    Resource Type:
    Research Paper
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    ICELANDIC COD FISHERY Ragnar Arnason, Professor, University of Iceland. E-mail: ragnara@hi.is

  • Optimal Dynamic Enforcement of A Fishery

    Creator:
    Arnason, Ragnar
    Abstract:
    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...
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    Research Paper
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    Ragnar Arnason* IIFET 2010 Proceedings 1 OPTIMAL

  • Profits, Rents and Resource Rents

    Creator:
    Arnason, Ragnar
    Abstract:
    The concept of rents has a venerable history in economic theory. In his fundamental work on the Wealth of Nations, Adam Smith defined the concept making it clear that rents were distinct from profits. Ricardo, building on the foundation laid by Adam Smith, similarly distinguished between profits and rents in...
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    Fisheries Economists Biannual Conference, 2017 La Paz, Mexico March 22-24, 2017 Ragnar Arnason

  • ITQ Prices: What do they Reveal?

    Creator:
    Arnason, Ragnar
    Abstract:
    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...
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    at IIFET 2014 Brisbane, Australia July 7-11, 2014 Ragnar Arnason Introduction • Many ITQ

  • Comments on M.L. Weitzman: Landing Fees vs. Harvest Quotas with Uncertain Fish Stocks

    Creator:
    Arnason, Ragnar
    Abstract:
    Weitzman's paper is useful because it provides the fisheries economics profession with a reason to re-examine certain elements of the currently accepted fisheries management theory. As a result, this contribution may lead to a more solid theoretical foundation for fisheries management. This, of course, is the way any science is...
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    Conference Proceeding
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    Quotas with Uncertain Fish Stocks Ragnar Arnason This is a useful paper because it provides the

  • Community Fishing Rights: Some Basic Principles

    Creator:
    Arnason, Ragnar
    Abstract:
    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...
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    Research Paper
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    COMMUNITY FISHING RIGHTS: SOME BASIC PRINCIPLES* Ragnar Arnason, University of Iceland and European