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Rents and Rents Drain in the Icelandic Cod Fishery

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  • This paper estimates current resource rents being generated in the Icelandic cod fishery and compares them to the maximum sustainable attainable ones. For this purpose a simple aggregative model of the cod fishery is specified and empirically estimated. It is found that in spite of the cod stock being in a fairly depressed state, substantial economic rents are currently being generated in this fishery. No doubt this is primarily due to the effects of the ITQ system in this fishery. Current rents, however, are only about a third of the rents that would pertain in a profit maximizing sustainable position of this fishery. Thus, compared to the maximum, the Icelandic cod fishery appears to be subject to significant rents loss. Most of the rents gain from the current position of the fishery to the profit maximizing sustainable position is due to an increased cod stock. A much smaller part is due to reduced fishing effort.
  • KEYWORDS: Icelandic cod fishery, Fisheries rents drain, Fisheries rents, Fisheries economics, Cod stock
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  • Arnason, Ragnar. 2008. Rents and Rents Drain in the Icelandic Cod Fishery. 10 pages. In: Proceedings of the Fourteenth Biennial Conference of the International Institute of Fisheries Economics & Trade, July 22-25, 2008, Nha Trang, Vietnam: Achieving a Sustainable Future: Managing Aquaculture, Fishing, Trade and Development. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2008.
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  • US National Oceanic and Atmospheric Administration (NOAA) Fisheries Division, The Department of Fisheries and Oceans, Canada; Aquaculture CRSP and AquaFish CRSP; Minh Phu Seafood Corporation; Vietnam Datacommunication Company (VDC); Camau Frozen Seafood Processing Import Export Corporation (Camimex); Long Sinh Limited Company; Mai Linh Group and Nam Viet Corporation.
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