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Long-term industrial equilibrium in an ITQ managed fishery

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  • Rögnvaldur Hannesson

Abstract

This paper discusses long-term equilibrium in a fishery managed by individual transferable quotas. Rising prices or falling capital costs become capitalized in a higher value of quotas, implying higher capital costs for holding quotas. This may in fact reduce the size of each firm and lead to more firms existing in long-term equilibrium. Resource rent taxation by letting firms lose a certain share of their quota holdings each year is discussed and shown to be neutral. Copyright Kluwer Academic Publishers 1996

Suggested Citation

  • Rögnvaldur Hannesson, 1996. "Long-term industrial equilibrium in an ITQ managed fishery," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 8(1), pages 63-74, July.
    • Handle: RePEc:kap:enreec:v:8:y:1996:i:1:p:63-74
    DOI: 10.1007/BF00340653
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    References listed on IDEAS

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    1. Grafton R. Quentin, 1994. "A Note on Uncertainty and Rent Capture in an ITQ Fishery," Journal of Environmental Economics and Management, Elsevier, vol. 27(3), pages 286-294, November.
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    Cited by:

    1. José-María Da-Rocha & Jaume Sempere, 2017. "ITQs, Firm Dynamics and Wealth Distribution: Does Full Tradability Increase Inequality?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 68(2), pages 249-273, October.
    2. Niels Vestergaard & Frank Jensen & Henning P. Jørgensen, 2005. "Sunk Cost and Entry-Exit Decisions under Individual Transferable Quotas: Why Industry Restructuring Is Delayed," Land Economics, University of Wisconsin Press, vol. 81(3).
    3. Claire W. Armstrong & Ussif Rashid Sumaila, 2001. "Optimal Allocation of TAC and the Implications of Implementing an ITQ Management System for the North-East Arctic Cod," Land Economics, University of Wisconsin Press, vol. 77(3), pages 350-359.

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