Optimal Management Under Institutional Constraints: Determining a Total Allowable Catch for Different Fleet Segments in the Northeast Arctic Cod Fishery

Many real world fisheries have an individual vessel quota system with restrictions on transferability of quota or entrance of new vessels into the fishery. While the standard economic reasoning is that these institutional constraints lead to welfare losses, the size of those losses and optimal second-best policies are usually unknown. We develop a dynamic bioeconomic model, in which a scientific body provides an optimal TAC given restrictions on (i) transferability between vessel segments and (ii) entrance of new vessels. Further, we also quantify welfare losses arising from not maximizing economic welfare, but physical yield—which is actually the case in many fisheries. We apply the model to the Northeast Arctic cod fishery, and estimate not only the cost and harvesting functions of the various vessel types, but also the parameters of the biological model as well as those of the demand function. This allows us to determine optimal second-best policies and quantify corresponding welfare effects for our case study fishery.     

Book reviews

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Book reviews

     

Improving earnings quality: The effect of reporting incentives and accounting standards

We investigate the different effects on earnings quality of accounting standards and reporting incentives for Germany over the period 1994 to 2005. To this end, we control for reporting incentives at the firm level, instead of the country level, by using the timing of voluntary IFRS adoption as a proxy for reporting incentives. We then include reporting incentives in an analysis of earnings management and information asymmetry. Contrary to common expectation, we find that IFRS reporting potentially decreases earnings quality on average; but also that reporting incentives appear to have lower effects on earnings quality in IFRS statements than in GGAAP statements. Thus, IFRS may lead to more homogenous earnings quality across firms.     

Alternative interpretations of price-quality relations

In a previous paper by Ratchford and Gupta price-quality relations are related to a measure of market efficiency. In this paper, alternative explanations are presented to the effect that one cannot conclude from a poor price-quality relation that the market is inefficient. Further, some of the estimates presented by Ratchford and Gupta are questioned.

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Zusammenfassung Alternative Erklärungen für Preis-Qualitäts-Beziehungen. Diese Stellungnahme bezieht sich auf den Beitrag von Ratchford und Gupta über Preis-Qualitäts-Beziehungen und darauf, da\ diese als Indikator für Markteffizienz angesehen werden können. Sie präsentiert alternative Erklärungen und kommt zu der Schlu\folgerung, da\ man von einer niedrigen Preis-Qualitäts-Beziehung nicht auf eine geringe Markteffizienz schlie\en kann. Darüber hinaus meldet er Zweifel an einigen Berechnungen des kritisierten Beitrages an.

     

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