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Decomposing Revenue Efficiency in Fisheries

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  • The estimation of production frontiers using revenue as the dependent variable is very common in fisheries research since in multi-species fisheries boats catch several species and their output must be aggregated somehow. The objective of this paper is to decompose revenue efficiency into two components, one due to quantities and the other due to prices. It is expected that higher vessel-specific prices and a higher proportion of high value species in the catch, increases technical efficiency. Precisely, for given inputs and outputs, higher vessel-specific fish prices across species will result in a larger output aggregate and higher level of technical efficiency. In the same vein, for given inputs and fish prices, some vessel-specific output-mix will generate higher catch value than others and, as a result, the vessel will show as more efficient. For that purpose, we estimate two stochastic production frontiers and their associated indexes of technical efficiency. The first production frontier is estimated using the actual value of catch as the output. In other words, actual vessel-specific prices are used to aggregate the quantities of the different species fished by each vessel. The second production frontier is estimated using a measure of output, free of vessel-specific output prices. Precisely, we aggregate the quantities of different species using average prices across-vessels for each species. The analysis of the relationship between the technical efficiency indexes associated to each frontier sheds light on the role played by vessel-specific prices and output-mix in the level of technical efficiency estimated with the actual value of catch.
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  • Vigo, Galicia, Spain
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