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...
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...
In 2014, developing countries were responsible for 56.5% of total value of seafood imported by the EU; however, their import value only grew 56% relative to 1999. During the same period, China, gained over 300% growth in this market. The EU’s General System of Preferences (GSP) scheme provides duty-free or...
Fish farming has grown very rabidly during the past few decades. One component of this expansion is the introduction of new species, previously unknown to most consumers, to world markets. Arctic char, a cold water salmonid, is one of these species. In 1987, the total commercial supply only amounted to...
The hilsa shad (Tenualosa ilisha) fishery is the largest single species fishery of Bangladesh managed under open access system was chosen for the study. The purpose of the study was to develop optimal policy to assess the optimal exploitation of the fishery. The objective was to maximize the net benefit...
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...
Fishing overcapacity has lead to unsustainable harvesting and rent dissipation in global fisheries. Only government intervention of some kind can lead to a reduction in capacity. If efficiency is the primary objective for the regulator, then the least efficient vessels should be decommissioned. Here we analyze the Swedish fishery using...
Increased livestock and aquaculture production can put pressure on the fishmeal market, and thus industrial fisheries stocks, since both of these sectors use fishmeal in their feeds. Data indicate that fishmeal supply has reached a production limit due to limited marine resources. Meanwhile there has been an explosive growth in...
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...
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...