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Regulating Multiple Externalities: The Case of Nordic Fisheries

Author

Listed:
  • Staffan Waldo
  • Frank Jensen
  • Max Nielsen
  • Hans Ellefsen
  • Jónas Hallgrimsson
  • Cecilia Hammarlund
  • Øystein Hermansen
  • John Isaksen

Abstract

Open access is a well-known externality problem in fisheries causing excess capacity and overfishing. Due to global warming, externality problems from CO2 emissions have gained increased interest. With two externality problems, a first-best optimum can be achieved by using two regulatory instruments. However, solving the open-access externality problem also affects CO2 emissions. By using a bio-economic model covering Iceland, Norway, Denmark, Sweden, and the Faroe Islands, it is shown that regulations of the open-access externality problem have a large effect on both economic performance and CO2 emissions, while an additional CO2 regulation only has minor effects. The second-best solution achieved by only regulating open access reduces emissions by approximately 50% compared to current fisheries, with the exception of Iceland, which already has a well-developed fisheries management system.

Suggested Citation

  • Staffan Waldo & Frank Jensen & Max Nielsen & Hans Ellefsen & Jónas Hallgrimsson & Cecilia Hammarlund & Øystein Hermansen & John Isaksen, 2016. "Regulating Multiple Externalities: The Case of Nordic Fisheries," Marine Resource Economics, University of Chicago Press, vol. 31(2), pages 233-257.
    • Handle: RePEc:ucp:mresec:doi:10.1086/685286
    DOI: 10.1086/685286
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    3. Frank Jensen & Lars Gårn Hansen, 2017. "The welfare gain from switching to tax regulation of fisheries," IFRO Working Paper 2017/07, University of Copenhagen, Department of Food and Resource Economics.
    4. Cecilia Hammarlund & Patrik Jonsson & Daniel Valentinsson & Staffan Waldo, 2021. "Economic and environmental effects of replacing bottom trawling with fishing with creels," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 65(1), pages 94-118, January.
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