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Rate of Profit Return with ITQs: Fishing for Optimality

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  • The year 1990 saw the introduction of individual transferable quota rights to the NZ rock lobster fishery. This paper presents an analysis of the evolution of profitability in five different quota management areas over the period 1990-2001. The bio-economic model of an optimal fishery provides the basis for econometric analysis. The rate of profit return in each region was regressed on the corresponding real interest rate and the marginal stock effect. Evidence is found for the existence of optimal fishery. In general the half-life value of each region’s rate of profit return is trending towards its mean value. Significant individual monthly effects are also evident when we regress the rate of profit return on a time trend and monthly dummy variables.
  • Keywords: Quota prices, Profit return, Rock lobster fishery, Half-life, Individual transferable quota, Fisheries Economics, Bio-economic model, Time series, New Zealand, Profitability
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  • Zhang, Meng, Chris Batstone and Basil Sharp. 2008. Rate of Profit Return with ITQs: Fishing for Optimality. 12 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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