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An Efficient and Distributionally Neutral IFQ Design

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  • A two-stage, distributionally neutral and efficient rationalization policy design—one that preserves the ex ante wealth distribution—is developed by blending elements of a cooperative and a partnership. It is formally proven that there is no impediment to win-win rationalization using only IFQs allocated only to harvesters. The design creates a bilateral monopoly by allocating ITQs only to harvesters who, in Stage 1, join a “dissolution fishery association” (DFA) with the processor(s) through which their landed catch history arose. IFQ is allocated pursuant to a private contract that stipulates dissolution terms, much like a prenuptial. Harvesters that do not join a DFA with their traditional processor(s) must remain in open access. Bilateral negotiations focus on partitioning the total quasi rents of the DFA between a single processor and its traditional harvesters. The negotiated rent share split defines the terms of dissolution, i.e., the share of IFQs that must be left with the processor, if either party leaves the DFA for a preferred opportunity. The rent share split also defines a formula price contract for a functioning DFA. Stage 2 involves consolidation and realignment to maximize overall efficiency. Requirements of Stage 2 are stipulated.
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  • Zhang, Xingguo, Scott C. Matulich and Fred Inaba. 2006. An Efficient and Distributionally Neutral IFQ Design. In: Proceedings of the Thirteenth Biennial Conference of the International Institute of Fisheries Economics & Trade, July 11-14, 2006, Portsmouth, UK: Rebuilding Fisheries in an Uncertain Environment. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2006. CD ROM. ISBN 0-9763432-3-1
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  • The National Oceanic & Atmospheric Administration Marine Fisheries Service, United States Department of Commerce (NOAA Fisheries); United Kingdom Department for Environment, Food and Rural Affairs (DEFRA); The United States Agency for International Development supported Aquaculture Collaborative Research and Support Program (ACRSP).
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