Access

You are not currently logged in.

Access your personal account or get JSTOR access through your library or other institution:

login

Log in to your personal account or through your institution.

Ecological Fisheries Management Using Individual Transferable Share Quotas

Ragnar Arnason
Ecological Applications
Vol. 8, No. 1, Supplement: Ecosystem Management for Sustainable Marine Fisheries (Feb., 1998), pp. S151-S159
Published by: Wiley
DOI: 10.2307/2641373
Stable URL: http://www.jstor.org/stable/2641373
Page Count: 9
  • Download ($42.00)
  • Subscribe ($19.50)
  • Cite this Item
Ecological Fisheries Management Using Individual Transferable Share Quotas
Preview not available

Abstract

This paper is concerned with the optimal management of fisheries in the ecological context. All fish stocks are embedded in an ecosystem. Therefore, to obtain maximum economic benefits, fisheries management must take due account of the corresponding web of ecological interrelationships. Unfortunately, however, due to the inherent complexity of ecosystems and the scarcity of the relevant empirical information, sensible ecological fisheries management is very difficult to achieve in most cases. This paper suggests a particular application of the individual transferable share quota (ITSQ) system that offers a potentially fruitful approach to the problem of ecological fisheries management. Under the particular ITSQ framework defined in the paper, the task of the fisheries manager is reduced to that of determining the current optimal vector of total allowable catch (TAC); i.e., the one that maximizes the present value of current and expected future fisheries rents from the ecosystem. Given the customary assumptions about market efficiency, this can be shown to be equivalent to setting TACs so that share quota prices are maximized. Since share quota prices are directly observable in the quota market, this is a comparatively easy task for the fisheries manager. This procedure, referred to as minimum information management (MIM) in the paper, obviously greatly simplifies the ecological fisheries management problem. An interesting implication of the analysis is that in the ecological context, economic optimality may easily require some TACs and some share quota prices to be negative.

Page Thumbnails

  • Thumbnail: Page 
S151
    S151
  • Thumbnail: Page 
S152
    S152
  • Thumbnail: Page 
S153
    S153
  • Thumbnail: Page 
S154
    S154
  • Thumbnail: Page 
S155
    S155
  • Thumbnail: Page 
S156
    S156
  • Thumbnail: Page 
S157
    S157
  • Thumbnail: Page 
S158
    S158
  • Thumbnail: Page 
S159
    S159