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Fishing quota markets

dc.contributor.author Newell, RG
dc.contributor.author Sanchirico, JN
dc.contributor.author Kerr, S
dc.date.accessioned 2015-07-12T16:45:58Z
dc.date.issued 2005-05-01
dc.identifier.issn 0095-0696
dc.identifier.uri https://hdl.handle.net/10161/10270
dc.description.abstract In 1986, New Zealand responded to the open-access problem by establishing the world's largest individual transferable quota (ITQ) system. Using a 15-year panel dataset from New Zealand that covers 33 species and more than 150 markets for fishing quotas, we assess trends in market activity, price dispersion, and the fundamentals determining quota prices. We find that market activity is sufficiently high in the economically important markets and that price dispersion has decreased. We also find evidence of economically rational behavior through the relationship between quota lease and sale prices and fishing output and input prices, ecological variability, and market interest rates. Controlling for these factors, our results show a greater increase in quota prices for fish stocks that faced significant reductions, consistent with increased profitability due to rationalization. Overall, this suggests that these markets are operating reasonably well, implying that ITQs can be effective instruments for efficient fisheries management. © 2004 Elsevier Inc. All rights reserved.
dc.publisher Elsevier BV
dc.relation.ispartof Journal of Environmental Economics and Management
dc.relation.isversionof 10.1016/j.jeem.2004.06.005
dc.title Fishing quota markets
dc.type Journal article
duke.contributor.id Newell, RG|0418590
pubs.begin-page 437
pubs.end-page 462
pubs.issue 3
pubs.organisational-group Duke
pubs.organisational-group Economics
pubs.organisational-group Environmental Sciences and Policy
pubs.organisational-group Nicholas School of the Environment
pubs.organisational-group Trinity College of Arts & Sciences
pubs.publication-status Published
pubs.volume 49


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