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Economic Analysis of New Zealand's Deemed Value System

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  • In 2001, New Zealand modified its quota management system (QMS) to function as a hybrid ITQ/tax system. Catches in excess of annual catch entitlements (ACE) incur payments, called “deemed values”. The deemed value system was part of the reforms that separated ACE from quota, which reduced transactions costs for both the industry and government. However, the deemed value system introduces some new issues, and this paper addresses those problems from practical and theoretical perspectives. This paper will explain the catch balancing regime used prior to deemed values, and the problems with that system. It will then explain the mechanics and practical issues for the New Zealand deemed value system. A core problem is that limited information is available for a large proportion of the 629 stocks managed in the QMS, so setting both quota and deemed values is inherently imprecise. The paper will then examine how economic theory, such as Arnarson’s minimum information management, might be applied to the process of setting deemed values.
  • Keywords: Arnarson's minimum information management, New Zealand, Deemed value system, Quota management system, Fisheries Economics
  • Keywords: Arnarson's minimum information management, New Zealand, Deemed value system, Quota management system, Fisheries Economics
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  • Walker, Scott and Ralph Townsend. 2008. Economic Analysis of New Zealand's Deemed Value System. 11 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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