We show that grandfathering fishing rights to local users or recognizing first possessions is more dynamically efficient than auctions of such rights. It is often argued that auctions allocate rights to the highest-valued users and thereby maximize resource rents. We counter that rents are not...

We show that grandfathering fishing rights to local users or recognizing first possessions is more dynamically efficient than auctions of such rights. It is often argued that auctions allocate rights to the highest-valued users and thereby maximize resource rents. We counter that rents are not...

We show that grandfathering fishing rights to local users or recognizing first possessions is more dynamically efficient than auctions of such rights. It is often argued that auctions allocate rights to the highest-valued users and thereby maximize resource rents. We counter that rents are not...

In the move to adopt rights based arrangements for renewable resources to avoid the losses of open access and the inefficiencies of prescriptive regulation, we argue that grandfathering the allotments of local users can be the most efficient distribution mechanism. We differ from the standard...

The failures of traditional target-species management have led many to propose an ecosystem approach to fisheries to promote sustainability. The ecosystem approach is necessary, especially to account for fisheryï¾–ecosystem interactions, but by itself is not sufficient to address two...

This paper examines the allocation problem arising from conflicting demands for marine resource use by (i) commercial fishers, (ii) recreational fishers, and (iii) conservationists. It is shown that decentralised trading of individual transferable quotas (ITQs) is capable of an efficient...

<heading id="h1" level="1" implicit="yes" format="display">summary</heading><title type="document">The Economics of European Fisheries</title>The huge increase in fuel prices - about doubling since 2004 - represents a major economic shock to European fishing fleets. Before this latest price hike, fuel accounted for 15 per cent of the operating costs of most fleet segments. Thus, in spite of...

Many ocean fisheries are subject to a fundamental economic problem generally referred to as the common property problem. The common property problem manifests itself as excessive fishing fleets and fishing effort, depressed fish stocks and little or no profitability of the fishing activity,...

This paper deals with problems of optimal management of common-property fisheries. It advances the proposition that many fisheries management schemes, which are theoretically capable of generating efficiency, are actually not practicable, owing to their huge informational requirements. This...

Aquaculture, or more generally fish farming, and fisheries interact in several different ways. First, many types of fish farming require fish products as inputs, mostly for feeding purposes. Second, farmed fish and wild fish products compete in fish markets with consequences for both the...