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Evaluation of the Chilean Jack Mackerel Individual Transferable Quota (ITQ) System Public Deposited

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Proceedings of the Eighteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, held July 11-15, 2016 at Aberdeen Exhibition and Conference Center (AECC), Aberdeen, Scotland, UK.

Suggested Bibliographic Reference: Challenging New Frontiers in the Global Seafood Sector: Proceedings of the Eighteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 11-15, 2016. Compiled by Stefani J. Evers and Ann L. Shriver. International Institute of Fisheries Economics and Trade (IIFET), Corvallis, 2016.

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  • The debate in commercial fishery management has evolved from whether well-defined rights are necessary for sustainability to evaluating the advantages and disadvantages of different rights based system designs. Two of Latin America's largest fisheries, the Chilean Jack Mackerel and Peruvian Anchovy, allocate quota at the vessel-level and restrict the lease of quota other than within firms and through the optional formation of associations. Transfer of a permanent allocation can only occur via vessel sale or removal from the fishery. This design impacts the divisibility and transferability of the right. Thus, incentives for permanent quota transfers and leases differ from those under a traditional individual transferable quota program. We use data on the Chilean Jack Mackerel fishery and examine multiple performance margins, tracking the evolution of the fishery after program implementation to explore the extent to which associations serve as a mechanism for fishery consolidation. We find evidence of consolidation, with the number of vessels decreasing to less than a third of the pre-program number by the 5th year of the program. We also investigate vessel and trip characteristics, as well as trip costs and revenues. We estimate that the program led to a measurable increase in variable fishing profits, on the order of 33-35% of ex-vessel revenue. Accompanying the increase was a movement toward higher value products, consolidation of catch on larger vessels, and vessels taking longer trips with greater catch-per-trip. Finally, we examine the performance of these defacto markets, considering both within firm and within association transfers over time.
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  • 0976343290

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