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Overfishing: The Icelandic Solution

Published on Oct 20, 2000
Hannes H. Gissurarson1
Estimated H-index: 1
Abstract
  • References (12)
  • Citations (11)
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References12
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Taxing pure rents is usually considered the least distortionary method for raising revenues. In the literature on fishery economics, the term "rent" is regularly employed, suggesting that pure rents exist in that sector. Indeed, with the recent development of individual transferable quotas, the resulting market value of quota has been treated as reflecting pure resource rents. In this paper, the view that the market value of quota represents a pure rent that can be readily extracted in a nondist...
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This paper examines the economics of catch discarding in fisheries. To study this issue a simple dynamic fisheries model is constructed. On the basis of this model it is demonstrated that in a differentiated fishery discarding of catch may be socially optimal. The paper goes on to show that individual firms in a free access, competitive fishery employ the socially optimal discarding rule. In contrast, the individual transferable quota (ITQ) fisheries management regime tends to generate an excess...
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This paper deals with problems of optimal management of common-property fisheries. It advances the proposition that many fisheries management schemes, which are theoretically capable of generating efficiency, are actually not practicable, owing to their huge informational requirements. This applies, for instance, to management by means of corrective taxes/subsidies. The paper proceeds to show that there exists, under fairly unrestrictive conditions, market-based management systems that require m...
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#1Gary D. Libecap (UA: University of Arizona)H-Index: 34
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Certain scarce resources seem indivisible, unlike, e.g., land and cattle. But some such resources can be, and have been, turned into private property. In offshore fishing grounds, individual tranferable quotas have been issued to fishing firms that have, as a result, become custodians of fish stocks in those grounds. In the eel fishery on the Danish coast owners of farms by the coast had traditional rights to lay eeltraps leasing those rights out to professional fishermen. In the 1920s in the U....
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