Optimal Management Under Institutional Constraints : Determining a Total Allowable Catch for Different Fleet Segments in the Northeast Arctic Cod Fishery
Many real world fisheries have an individual vessel quota system with restrictions on transferability of quota or entrance of new vessels into the fishery. While the standard economic reasoning is that these institutional constraints lead to welfare losses, the size of those losses and optimal secon...
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ftunivwagenin:oai:library.wur.nl:wurpubs/512715 2024-02-04T09:56:57+01:00 Optimal Management Under Institutional Constraints : Determining a Total Allowable Catch for Different Fleet Segments in the Northeast Arctic Cod Fishery Richter, Andries Eikeset, Anne Maria van Soest, Daan Diekert, Florian Klaus Stenseth, Nils Chr 2018 application/pdf https://research.wur.nl/en/publications/optimal-management-under-institutional-constraints-determining-a- https://doi.org/10.1007/s10640-016-0106-3 en eng https://edepot.wur.nl/405532 https://research.wur.nl/en/publications/optimal-management-under-institutional-constraints-determining-a- doi:10.1007/s10640-016-0106-3 info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by/4.0/ Wageningen University & Research Environmental and Resource Economics 69 (2018) 4 ISSN: 0924-6460 Dynamic optimization Fleet segments Group quota ITQs Second-best policy Tradable permits info:eu-repo/semantics/article Article/Letter to editor info:eu-repo/semantics/publishedVersion 2018 ftunivwagenin https://doi.org/10.1007/s10640-016-0106-3 2024-01-10T23:17:28Z Many real world fisheries have an individual vessel quota system with restrictions on transferability of quota or entrance of new vessels into the fishery. While the standard economic reasoning is that these institutional constraints lead to welfare losses, the size of those losses and optimal second-best policies are usually unknown. We develop a dynamic bioeconomic model, in which a scientific body provides an optimal TAC given restrictions on (i) transferability between vessel segments and (ii) entrance of new vessels. Further, we also quantify welfare losses arising from not maximizing economic welfare, but physical yield—which is actually the case in many fisheries. We apply the model to the Northeast Arctic cod fishery, and estimate not only the cost and harvesting functions of the various vessel types, but also the parameters of the biological model as well as those of the demand function. This allows us to determine optimal second-best policies and quantify corresponding welfare effects for our case study fishery. Article in Journal/Newspaper Arctic cod Arctic Northeast Arctic cod Wageningen UR (University & Research Centre): Digital Library Arctic Tac ENVELOPE(-59.517,-59.517,-62.500,-62.500) Environmental and Resource Economics 69 4 811 835 |
institution |
Open Polar |
collection |
Wageningen UR (University & Research Centre): Digital Library |
op_collection_id |
ftunivwagenin |
language |
English |
topic |
Dynamic optimization Fleet segments Group quota ITQs Second-best policy Tradable permits |
spellingShingle |
Dynamic optimization Fleet segments Group quota ITQs Second-best policy Tradable permits Richter, Andries Eikeset, Anne Maria van Soest, Daan Diekert, Florian Klaus Stenseth, Nils Chr Optimal Management Under Institutional Constraints : Determining a Total Allowable Catch for Different Fleet Segments in the Northeast Arctic Cod Fishery |
topic_facet |
Dynamic optimization Fleet segments Group quota ITQs Second-best policy Tradable permits |
description |
Many real world fisheries have an individual vessel quota system with restrictions on transferability of quota or entrance of new vessels into the fishery. While the standard economic reasoning is that these institutional constraints lead to welfare losses, the size of those losses and optimal second-best policies are usually unknown. We develop a dynamic bioeconomic model, in which a scientific body provides an optimal TAC given restrictions on (i) transferability between vessel segments and (ii) entrance of new vessels. Further, we also quantify welfare losses arising from not maximizing economic welfare, but physical yield—which is actually the case in many fisheries. We apply the model to the Northeast Arctic cod fishery, and estimate not only the cost and harvesting functions of the various vessel types, but also the parameters of the biological model as well as those of the demand function. This allows us to determine optimal second-best policies and quantify corresponding welfare effects for our case study fishery. |
format |
Article in Journal/Newspaper |
author |
Richter, Andries Eikeset, Anne Maria van Soest, Daan Diekert, Florian Klaus Stenseth, Nils Chr |
author_facet |
Richter, Andries Eikeset, Anne Maria van Soest, Daan Diekert, Florian Klaus Stenseth, Nils Chr |
author_sort |
Richter, Andries |
title |
Optimal Management Under Institutional Constraints : Determining a Total Allowable Catch for Different Fleet Segments in the Northeast Arctic Cod Fishery |
title_short |
Optimal Management Under Institutional Constraints : Determining a Total Allowable Catch for Different Fleet Segments in the Northeast Arctic Cod Fishery |
title_full |
Optimal Management Under Institutional Constraints : Determining a Total Allowable Catch for Different Fleet Segments in the Northeast Arctic Cod Fishery |
title_fullStr |
Optimal Management Under Institutional Constraints : Determining a Total Allowable Catch for Different Fleet Segments in the Northeast Arctic Cod Fishery |
title_full_unstemmed |
Optimal Management Under Institutional Constraints : Determining a Total Allowable Catch for Different Fleet Segments in the Northeast Arctic Cod Fishery |
title_sort |
optimal management under institutional constraints : determining a total allowable catch for different fleet segments in the northeast arctic cod fishery |
publishDate |
2018 |
url |
https://research.wur.nl/en/publications/optimal-management-under-institutional-constraints-determining-a- https://doi.org/10.1007/s10640-016-0106-3 |
long_lat |
ENVELOPE(-59.517,-59.517,-62.500,-62.500) |
geographic |
Arctic Tac |
geographic_facet |
Arctic Tac |
genre |
Arctic cod Arctic Northeast Arctic cod |
genre_facet |
Arctic cod Arctic Northeast Arctic cod |
op_source |
Environmental and Resource Economics 69 (2018) 4 ISSN: 0924-6460 |
op_relation |
https://edepot.wur.nl/405532 https://research.wur.nl/en/publications/optimal-management-under-institutional-constraints-determining-a- doi:10.1007/s10640-016-0106-3 |
op_rights |
info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by/4.0/ Wageningen University & Research |
op_doi |
https://doi.org/10.1007/s10640-016-0106-3 |
container_title |
Environmental and Resource Economics |
container_volume |
69 |
container_issue |
4 |
container_start_page |
811 |
op_container_end_page |
835 |
_version_ |
1789961276318810112 |