Restricted capacity and rent dissipation in a regulated open access fishery
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چکیده
A common strategy for limiting the total annual catch in a fishery is to restrict entry and season length. We examine the results of this strategy when entry limitation amounts to a limit on capital, but fishing firms can vary an unrestricted input, and thereby use the restricted input more intensively. Under these regulatory constraints, fishing firmswill earn rents that depend on the elasticity of substitution between restricted and unrestricted inputs. Using simulations with data from the Alaskan pollock fishery, rents and season length are shown to depend on fish and variable input prices, sometimes in surprisingly non-monotonic ways. 2010 Elsevier B.V. All rights reserved. * Corresponding author. E-mail addresses: [email protected] (R.T. Deacon), [email protected] (D. Finnoff), [email protected] (J. Tschirhart). 1 A seminal early contribution is Gordon (1954). Boyce (2004) gives a comprehensive review of instrument choice in the fishery. Homans and Wilen (1997) comment on the transition in the economic literature from discussions of stylized open access and its inefficiencies to treatments that explicitly examine applicable technologies and regulatory constraints.
منابع مشابه
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تاریخ انتشار 2011