The objective of this paper is to illustrate that economic institutions matter, i.e., that different rules of trade present different incentives for bidding, asking and trading in new markets, and that these different incentives lead to different price discovery patterns which yield materially different outcomes. In a laboratory tradable fishing...
Fisheries worldwide continue to suffer from the negative consequences of open access. In 1986, New Zealand responded by establishing an individual transferable quota (ITQ) system that by 1998 included 33 species and more than 150 markets for fishing quotas. We assess these markets in terms of trends in market activity,...
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...
Les changements intervenus dans le secteur des pêches au cours des deux dernières décennies rendent nécessaires une réévaluation de la validité des approches conventionnelles du développement et de l'aménagement des pêches. En effet, de nombreux projets de développement continuent à insister sur l'utilisation de bateaux et d'engins de pêche améliorés,...
A serious impediment blocks advancement of individual transferable quota (ITQ) policy in the United States, particularly in North Pacific fisheries being considered for ITQ management. The traditional ITQ design, that allocates rights to only the harvesting sector, unintentionally expropriates wealth/property interests from the co-dependent-processing sector. This regulatory expropriation is a...
The current Senate Bill to reauthorize the Magnuson/Stevens Act, the key US fishery management law,
will allow some significant changes in the way that Individual Transferable Quota programs can be
developed. First, the bill will expand the range of individuals who will be permitted to obtain harvesting
privileges. In addition...
When dealing with time, a fishery manager faces a major difficulty. On an N-period time horizon, should he follow
several short-run objectives for every n sub-period, or should he consider only the long-run objective? If a European
manager trying to implement a stock recovery plan prefers to achieve the long-run...
Community fishery rights are use rights (the right to take part in fishing) and/or management rights (the right to be involved in managing the fishery) implemented at a local, community level. While by no means a new invention, community rights are receiving renewed attention as a mechanism to improve the...
As the British Columbia salmon fishery developed, the Canadian government, with constitutional responsibility for the resource, faced a number of critical turning points in management policy. In early years, partly for expediency, the allocation of fishing privileges often resulted in efficient levels of effort but little attempt was made to...