Fishing quota markets
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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.
Published Version (Please cite this version)
Newell, RG, JN Sanchirico and S Kerr (2005). Fishing quota markets. Journal of Environmental Economics and Management, 49(3). pp. 437–462. 10.1016/j.jeem.2004.06.005 Retrieved from https://hdl.handle.net/10161/10270.
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Dr. Richard G. Newell is the President and CEO of Resources for the Future (RFF), an independent, nonprofit research institution that improves environmental, energy, and natural resource decisions through impartial economic research and policy engagement. From 2009 to 2011, he served as the administrator of the US Energy Information Administration, the agency responsible for official US government energy statistics and analysis. Dr. Newell is an adjunct professor at Duke University, where he was previously the Gendell Professor of Energy and Environmental Economics and founding director of its Energy Initiative and Energy Data Analytics Lab. He has also served as the senior economist for energy and environment on the President's Council of Economic Advisers and was a senior fellow, and later a board member, at RFF.
Dr. Newell has published widely on the economics of markets and policies for energy and the environment, including issues surrounding global climate change, energy efficiency, and energy innovation. He is a member of the National Petroleum Council and has provided expert advice to many institutions, such as the National Academy of Sciences, the Intergovernmental Panel on Climate Change, and the International Energy Forum.
Dr. Newell holds a PhD from Harvard University, an MPA from Princeton's Woodrow Wilson School of Public and International Affairs, and a BS and BA from Rutgers University.
Specialties: Energy and environmental economics, markets, policies, and technologies.
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