Long-term industrial equilibrium in an ITQ managed fishery |
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Authors: | Rögnvaldur Hannesson |
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Institution: | (1) The Norwegian School of Economics and Business Administration, Helleveien 30, N-5035 Bergen-Sandviken, Norway |
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Abstract: | This paper discusses long-term equilibrium in a fishery managed by individual transferable quotas. Rising prices or falling capital costs become capitalized in a higher value of quotas, implying higher capital costs for holding quotas. This may in fact reduce the size of each firm and lead to more firms existing in long-term equilibrium. Resource rent taxation by letting firms lose a certain share of their quota holdings each year is discussed and shown to be neutral. |
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Keywords: | fisheries economics ITQ's neutral taxes |
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