Chapter

Extensions to the Basic Dynamic Economic Model of the Fishery

Trond Bjørndal and Gordon R. Munro

in The Economics and Management of World Fisheries

Published in print October 2012 | ISBN: 9780199576753
Published online January 2013 | e-ISBN: 9780191745973 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199576753.003.0005
Extensions to the Basic Dynamic Economic Model of the Fishery

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This chapter turns to the management of capture fishery resources at the national/regional level. The starting point is the perverse incentives confronting fishermen in open access (common pool) conditions — pure or regulated — and the essential need for fisheries management to confront these destructive incentives. Two broad approaches to fisheries management are considered: incentive blocking and incentive adjusting. The discussion of incentive blocking approaches to management does, inter alia, raise the question of the efficacy of vessel decommissioning schemes. The discussion of incentive adjusting approaches to fisheries management gives particular attention to taxes and to harvesting rights schemes. The chapter then examines the ancillary role of marine protected areas, and goes on to discuss the consequences of massive government subsidies for effective fisheries management. The chapter concludes by considering means of mitigating the effects of irreducible uncertainty in fisheries management.

Keywords: perverse incentives; incentive blocking and incentive adjusting management approaches; decommissioning schemes; harvesting rights schemes; marine protected areas; subsidies; uncertainty

Chapter.  11323 words.  Illustrated.

Subjects: Economic Development and Growth

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