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Theory and practice of ITQs in Iceland. Privatization of common fishing rights

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  • Eythórsson, Einar

Abstract

In Iceland, fish quotas have been partly transferable since 1984 and freely transferable since 1991. Here, the assumption that an ITQ-regime will lead to an immediate reduction of catch capacity and discourage investment in the fisheries seems questionable, as the ITQ-regime seems to represent an input of "new" capital into the fisheries. As a result of quota leasing arrangements, tenancy relations have developed between parts of the coastal fleet and companies with large quota holdings. Crew wages have in these cases dropped, a situation that has provoked two strikes among fishermen. The demand for quotas is influenced by unemployment and lack of alternative sources of income for fishermen. Municipalities are in a number of cases significant participants in the quota market, as there are strong ties between companies and municipalities. A redistribution of wealth and income is taking place as a result of the system.

Suggested Citation

  • Eythórsson, Einar, 1996. "Theory and practice of ITQs in Iceland. Privatization of common fishing rights," Marine Policy, Elsevier, vol. 20(3), pages 269-281, May.
    • Handle: RePEc:eee:marpol:v:20:y:1996:i:3:p:269-281
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    Cited by:

    1. Olivier Guyader, 2002. "Simulating the Effect of Regulatory Systems in a Fishery, An Application to the French Driftnet Albacore Fleet," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 23(1), pages 1-28, September.
    2. Carothers, Courtney, 2015. "Fisheries privatization, social transitions, and well-being in Kodiak, Alaska," Marine Policy, Elsevier, vol. 61(C), pages 313-322.
    3. Sanchirico, James N. & Holland, Daniel & Quigley, Kathryn & Fina, Mark, 2006. "Catch-quota balancing in multispecies individual fishing quotas," Marine Policy, Elsevier, vol. 30(6), pages 767-785, November.

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