Asymmetric Information and Distributional Impacts in New Environmental Markets Public Deposited

http://ir.library.oregonstate.edu/concern/conference_proceedings_or_journals/s4655m40x

Proceedings of the Eighteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, held July 11-15, 2016 at Aberdeen Exhibition and Conference Center (AECC), Aberdeen, Scotland, UK.

Suggested Bibliographic Reference: Challenging New Frontiers in the Global Seafood Sector: Proceedings of the Eighteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 11-15, 2016. Compiled by Stefani J. Evers and Ann L. Shriver. International Institute of Fisheries Economics and Trade (IIFET), Corvallis, 2016.

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  • When a new market is created for ITQs, fishermen may have little information about the value of the newly-created assets that they hold. As such, concerns have been raised regarding distributional concerns associated with the transition to market-based management of natural resources. Aside from the first-order concerns regarding the initial allocation of rights (Grainger and Costello, 2016), there are likely information asymmetries across fishermen which could cause small-small-scale fishermen to sell their allocation at prices far below the value to other participants. While this may not be strictly inefficient from an economics standpoint, this transitional period could disproportionately favor larger-scale (and lower-cost) firms who would gain from the consolidation process. We construct a model of a fishery and demonstrate analytically and numerically how asymmetric information affects the price path and individuals of different skills. 
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  • 0976343290

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