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Property Rights in a Fishery: Regulatory Change and Firm Performance

Author

Listed:
  • Kevin J. Fox

    (University of New South Wales)

  • R. Quentin Grafton

    (Australian National University, Asia Pacific School of Economics and Government)

  • James Kirkley

    (Virginia Institute of Marine Science)

  • Dale Squires

    (U.S. National Marine Fisheries Service)

Abstract

A new method is introduced and applied to analyse changes in productivity of firms harvesting a natural capital stock. The index-number technique decomposes the contributions of output prices, variable input prices, fixed inputs and productivity to firm profits, adjusted for changes in the natural capital stock. An application of the method is given using micro-level data from a common-pool resource. The indexes provide a ready-made comparison of all firms to the most profitable firm per unit of resource stock. Benchmarking with the decompositions also allows firms and regulators to determine what components are contributing most to economic profits and improve overall industry performance.

Suggested Citation

  • Kevin J. Fox & R. Quentin Grafton & James Kirkley & Dale Squires, 2002. "Property Rights in a Fishery: Regulatory Change and Firm Performance," Economics and Environment Network Working Papers 0205, Australian National University, Economics and Environment Network.
    • Handle: RePEc:anu:eenwps:0205
    as

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    References listed on IDEAS

    as
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    More about this item

    Keywords

    productivity; profits; natural capital; index numbers;
    All these keywords.

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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