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Quota Market Efficiency: The New Zealand Annual Catch Entitlement (ACE) Market

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Abstract
  • "An assessment of quota market efficiency: The New Zealand Annual Catch Entitlement (ACE) market Balancing actual catch with Annual Catch Entitlement (ACE) is crucial to the efficient operation of the New Zealand Quota Management System (QMS). ACE market efficiency is dependent on the existence of ACE prices that reflect all available information, and that are freely accessible by all market participants. This study identifies the information channels used to determine ACE availability, and establishes how accessing information differs between large and small fishers. The study considers the ACE market for the overall fishery, as well as one important target (and bycatch) fishery ( the snapper management area 1 (SNA1) fishery). The views of fishers, fish processors, and quota brokers on the operation of the ACE market have been captured by means of an ACE market survey and through extensive consultation with industry participants. Some indications of market inefficiency are identified and discussed. The findings provide for an assessment of whether standard conditions for efficient markets exist in the New Zealand ACE market.
  • Presentation. Note: data featured in this presentation was subsequently published in Marine Policy Volume 55, May 2015, Pages 11-22 http://www.sciencedirect.com/science/article/pii/S0308597X15000160
  • Keywords: Fisheries Economics, Fisheries Management, Management: Institutions, ITQs and Governance
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  • Stewart, James and J. Leaver. 2014. Quota Market Efficiency: The New Zealand Annual Catch Entitlement (ACE) Market. 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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  • 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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