This paper deals with the time consistency problem associated with buyback schemes, arising from the fact that the schemes may be anticipated by vessel owners. After reviewing and elaborating upon the key results of our recently published article on buybacks and limited-entry programs, we...

A debate is emerging over the extent to which privatization of fishery resources is socially desirable. The "pessimists" argue that there are strict limits to socially optimal privatization of such resources. The "optimists" maintain that there are no effective limits to privatization and that...

Using data from what was once one of the world’s largest capture fisheries, the northern cod fishery, the economic value of a marine reserve is calculated using a stochastic optimal control model with a jump-diffusion process. Counterfactual analysis shows that with a stochastic environment an...

This paper uses data from an actual fishery to construct a tractable, dynamic model to compare expected profit and its variance, optimal stock size, optimal harvest rate, and optimal fishing effort under different management regimes under uncertainty. The results provide a comparison of...

The United States and various European Union nations have used vessel buyout programs to reduce harvesting capacity in fisheries. In this paper, we present an analysis of the U.S. Northeast groundfish vessel buyout program. Using data envelopment analysis (DEA), we calculate capacity for both...

This paper extends the multistage procedure set out by Fried, Schmidt, and Yaisawarng (1999) to examine the importance of environmental factors when assessing the technical efficiency of water agencies. However, following Simar and Wilson’s (2007) critique of multistage efficiency analyses,...

The contribution of an industry to GDP is typically measured by its value added. However, casual observation suggests that some industries play a greater role in overall economic activity than this measure indicates. Observations of this kind have in particular been applied to resource...

An Introduction to the special issue on Recent Developments in Fisheries Economics

We analyze the effect of technological change on labor and total factor productivity in the Lofoten fishery, using detailed data for 130 years. Our findings support the important role of natural resources in productivity and improvements in welfare in natural resource–based industries. The...

In this paper, we estimate a multi-output distance function for two North Sea fleet segments and derive output elasticities of substitution to examine the potential for changing catch composition though targeting fishing activity. We find that this ability differs between fleet segments, and...