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Fisheries Management and Fisher Discount Rates

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Abstract
  • Fishers are faced with multiple risks, including unpredictability of future catch rates, prices and costs. While the latter are largely beyond the control of fisheries managers, effective fisheries management should reduce uncertainty about future catches while also enhancing profitability. Different management instruments are likely to have different impacts on the risk perception of fishers, and this should manifest itself in their discount rate. Assuming licence and quota values reflect the expected net present value of the flow of future profits, then a proxy for the implicit discount rate of vessels in a fishery can be derived by the ratio of the average level of profits to the average licence/quota value. In this paper, we derive the implicit discount rate for a wide variety of Australian fisheries under differing management systems, and test the assumption that rights based management instruments lower perceptions of risk in fisheries. Using unbalanced panel data for 19 fisheries from 1993 to 2012, we find empirical evidence that the implicit discount rate decreases with increased quality of the use right, consistent with expectations. 
  • Keywords: Fisheries Economics, Management: Time, Risk and Safety, Fisheries Management
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Citation
  • Coglan, Louisa and S. Pascoe. 2014. Fisheries Management and Fisher Discount Rates. In: Towards ecosystem based management of fisheries: what role can economics play?: Proceedings of the Seventeenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 7-11, 2014, Brisbane, Australia. Complied by Ann L. Shriver & Melissa Errend. Corvallis, OR: International Institute of Fisheries.
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Subject
Déclaration de droits
Funding Statement (additional comments about funding)
  • Fisheries Research & Development Corporation, World Wildlife Fund, MG Kailis Group, AquaFish Innovation Lab, NOAA Fisheries, The European Association of Fisheries Economists, Japan International Fisheries Research Society, United Nations University, NORAD
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