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Factors Affecting Alaska¡¯s Salmon Permit Values: Evidence from Bristol Bay Drift Gillnet Permits

Author

Listed:
  • Mackenzie D. Wood

    (Department of Economics, University of Alaska Fairbanks, U.S.A.)

  • Jungho Baek

    (Department of Economics, University of Alaska Fairbanks, U.S.A.)

Abstract

The effects of total earnings, total costs and mining exploration on permit prices in Alaska are investigated using an autoregressive distributed lag (ARDL) approach to cointegration. We take specific account of regional and gear specific salmon fisheries ¨C that is, Bristol Bay drift gillnet permits ¨C in our modelling. We find that there is a stable long-run relationship among permit prices, total earnings, and total costs. It is also found that, in both the short- and long-run, total earnings have a positive and significant relationship with permit prices, while total costs have a negative and significant relationship. Although the mining exploration in the region has a negative and significant effect on permit prices in the short-run, the effect does not seem to last in the long-run.

Suggested Citation

  • Mackenzie D. Wood & Jungho Baek, 2017. "Factors Affecting Alaska¡¯s Salmon Permit Values: Evidence from Bristol Bay Drift Gillnet Permits," Review of Economics & Finance, Better Advances Press, Canada, vol. 10, pages 63-71, November.
    • Handle: RePEc:bap:journl:170405
    Note: The authors thank anonymous referees for their helpful comments. This research was supported in part by the publication award of the office of the Vice Chancellor for Research (VCR) at University of Alaska Fairbanks.
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    References listed on IDEAS

    as
    1. Kremers, Jeroen J M & Ericsson, Neil R & Dolado, Juan J, 1992. "The Power of Cointegration Tests," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 325-348, August.
    2. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
    3. Karpoff, Jonathan M, 1985. "Non-pecuniary Benefits in Commercial Fishing: Empirical Findings from the Alaska Salmon Fisheries," Economic Inquiry, Western Economic Association International, vol. 23(1), pages 159-174, January.
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    More about this item

    Keywords

    Alaska; ARDL model; Bristol Bay; Drift gillnets; Permit prices;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • L79 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Other
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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