The Icelandic ITQ system has been under development since the early 1980s. Rights were initially grandfathered. Rights have been priced and traded and put up as collateral against loans. Quota values have thus affected the balance sheet of Icelandic fishing firms in a fundamental way. The aim of this paper...
The Icelandic ITQ system has been under development since the early 1980s. Rights were initially grandfathered. Rights have been priced and traded and put up as collateral against loans. Quota values have thus affected the balance sheet of Icelandic fishing firms in a fundamental way. The aim of this paper...
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Tanzania Proceedings
1
ITQS IN A ROUGH WATERi
ThorolfurMatthiasson, University of Iceland, totimatt
Resource rentals can be viewed as taxes on scarcity rents or as fees for access to use or utilize the
resource. The Icelandic Fishery Management Act requires that vessel owners pay a Catch fee
(Veiðigjald). This paper discusses how the Catch fee is defined by the Fishery Management Act.
Secondly...
Fisheries economists and fishery scientists have forcefully argued that access to fisheries has to be restricted so as to increase stock size, harvest and/or profitability compared to what would be the results of free access. Fisheries economists have pointed out that management by Individual Transferable Quotas (ITQs for short) fare...
The Icelandic ITQ system has been under development since the early 1980s. Rights were initially grandfathered. Rights have been priced and traded and put up as collateral against loans. Quota values have thus affected the balance sheet of Icelandic fishing firms in a fundamental way. The aim of this paper...
The diplomatic corps of Iceland has used much of its time during the third quarter of the 20. century to convince other nations that Icelanders should control and utilise the resources of the waters within 12, then 50 and finally 200 nautical miles around the island. Icelandic politicians have used...
The paper documents the discrepancy between prices of permanent quotas traded directly between fishing firms and implicit price of quotas as reflected in the price of fishing firms that are publicly traded. An overview of earlier attempts to explain the discrepancy is given. It is suggested that priceformation in market...
This paper models and investigates the foreshortening of transferred quota which is applied in the Norwegian fisheries management. This reduction in the transferred quota amount by 20% is then redistributed amongst all vessels in the relevant vessel group. It is shown that fishing units can be expected to be operated...
Ex-vessel price formation of fish in Iceland has been a stumbling stone within the fisheries for a long period of time. Fish as a raw material for processing has been sold either in direct sales or through auction markets leading to different prices. In many cases direct sales leads to...
In fisheries, as well as in other natural resource based industries, there is a difference between the concepts of profit and rent. The former is a basic indicator for gauging the business performance of firms and industries, and the latter is for the evaluation of the economic welfare contribution of...