Management of and economic returns from selected fisheries in the Nordic Countries

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Date: Mar. 2012
From: Marine Resource Economics(Vol. 27, Issue 1)
Publisher: The MRE Foundation, Inc.
Document Type: Report
Length: 10,402 words
Lexile Measure: 1490L

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Abstract :

There is potential to increase the economic returns in many fisheries by improving fisheries management. In this article, maximum and estimated current resource rents are analyzed using a standardized methodology for five case studies of fisheries with different management regimes: individual quotas (Norway), individual transferable quotas (Iceland), co-management (Denmark), vessel catch limits (Sweden), and tradable days-at-sea regulation (Faroe Islands). The Danish co-managed fishery had the highest estimated current rent, corresponding to 51% of landing value compared to a maximum rent of 62%. The Danish case was followed by the Icelandic ITQ fishery (estimated current 30%, maximum 66%), Faroese tradable days-at-sea (current 28%, maximum 55%), Swedish vessel catch limits (current 3%, maximum 74%), and Norwegian individual quotas (estimated current -22%, maximum 43%). Fishery characteristics other than management might influence the estimated resource rent, and the results are discussed in relation to biological sustainability. The method used across fisheries and countries for the estimation of the current economic rent, based on standardized opportunity costs of labor and capital, exaggerates the current positive rent for the ITQ fishery and the negative rent for the individual quota fishery. Key words Fisheries management, economic returns, maximum economic yield. JEL Classification Codes Q22, Q27.

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Gale Document Number: GALE|A347003764