Groundfish quota prices

Lee, Min-Yang; Demarest, Chad

doi:10.1016/j.fishres.2022.106605

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Groundfish quota prices

2023
By Lee, Min-Yang ; Demarest, Chad
Source: Fisheries Research, 260, 106605

[PDF-3.29 MB]

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Details:

Journal Title:

Fisheries Research
Personal Author:

Lee, Min-Yang ; Demarest, Chad

Lee, Min-Yang ; Demarest, Chad Less -
NOAA Program & Office:

NMFS (National Marine Fisheries Service) ; NEFSC (Northeast Fisheries Science Center)

NMFS (National Marine Fisheries Service) ; NEFSC (Northeast Fisheries Science Center) Less -
Description:

In 2010, the Northeast United States groundfish fishery adopted a catch share system in which Annual Catch Entitlements (quota) are allocated to groups of firms, known as sectors. The quota market has many features that differ from an ideal market: trades are facilitated by sector managers, completed trades are not easily seen by all, and both package and barter trades are common. This paper examines quota prices using a two stage econometric model. In the first stage, transactions data are used to estimate the prices of individual stocks of quota. In the second stage, a hurdle model is used to understand the determinants of quota prices. Despite the many quirks inherent in groundfish management, quota prices are affected by fundamentals in reasonable ways: increases in output prices and decreases in quota available both increase quota prices. Increases in monitoring rates also increase quota prices, evidence that at least some of the groundfish fleet is not always compliant with fishing regulations when not observed.
Keywords:

[+]

Fishery Management Groundfishes Individual Fishing Quotas Aquatic Science Catch Shares Fisheries Management Quota Markets
Source:

Fisheries Research, 260, 106605
DOI:

https://doi.org/10.1016/j.fishres.2022.106605
Document Type:

Journal Article
Rights Information:

Accepted Manuscript
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Submitted
Main Document Checksum:

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urn:sha256:340f90142c595cda9b3b95fc578be5d455ad5cb427a1e50ec0d6c69fecb01283
Download URL:

https://repository.library.noaa.gov/view/noaa/48192/noaa_48192_DS1.pdf
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