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Optimal Intra-annual Exploitation of the Maine Lobster Fishery

Optimal Intra-annual Exploitation of the Maine Lobster Fishery Abstract: I present a model of the Maine lobster fishery that incorporates a monthly demand model and an empirically estimated production function that accounts for seasonal variability in catchability, inseason depletion, and congestion effects. I compare optimal exploitation with observed exploitation and evaluate the extent to which profits under a conventional individual transferable quota (ITQ) system would be dissipated by congestion and in-season depletion externalities. The models show that profits could be substantially increased from the status quo through effort reductions and changes in the harvest schedule, but profits under an ITQ system may be reduced by as much as 30% by unresolved externalities. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Economics University of Wisconsin Press

Optimal Intra-annual Exploitation of the Maine Lobster Fishery

Land Economics , Volume 87 (4) – Apr 15, 2012

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Publisher
University of Wisconsin Press
Copyright
Copyright by the Board of Regents of the University of Wisconsin System.
ISSN
1543-8325
Publisher site
See Article on Publisher Site

Abstract

Abstract: I present a model of the Maine lobster fishery that incorporates a monthly demand model and an empirically estimated production function that accounts for seasonal variability in catchability, inseason depletion, and congestion effects. I compare optimal exploitation with observed exploitation and evaluate the extent to which profits under a conventional individual transferable quota (ITQ) system would be dissipated by congestion and in-season depletion externalities. The models show that profits could be substantially increased from the status quo through effort reductions and changes in the harvest schedule, but profits under an ITQ system may be reduced by as much as 30% by unresolved externalities.

Journal

Land EconomicsUniversity of Wisconsin Press

Published: Apr 15, 2012

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