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Land Economics 84(4):708-711 (2008); doi:10.3368/le.84.4.708
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Comment

Prices versus Quantities in Fisheries Models: Comment

Lars Gårn Hansen


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Jensen and Vestergaard (2003) compare price regulation with quantity regulation under economic uncertainty in the spirit of Weitzman (1974). For a schooling fishery without search cost, they find that price regulation is preferred over quantity regulation, when demand for fish is elastic. However, this finding is based on an assumption that does not hold and, in fact; quantity regulation is always preferred for this type of fishery, irrespective of the demand elasticity. In this note, we show that a pro quota result always applies for a schooling fishery without search costs. (JEL Q22)


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Anderson, L. G. 1986. The Economics of Fisheries Management . Baltimore: John Hopkins University Press.

Clark, C. W. 1990. Mathematical Bioeconomics. The Optimal Management of Renewable Resources . New York: John Wiley and Sons.

Hannesson, R., and J. Kennedy. 2005. "Landing Fees versus Fish Quotas." Land Economics 81 (Nov.): 518–29.[Abstract/Free Full Text]

Jensen, F., and N. Vestergaard. 2003. "Prices versus Quantities in Fisheries Models." Land Economics 79 (Aug.): 415–26.[Abstract/Free Full Text]

Neher, P. A. 1990. Natural Resource Economics. Conservation and Exploitation . Cambridge, U.K.: Cambridge University Press.

Weitzman, M. L. 1974. "Prices vs. Quantities." Review of Economic Studies 41 (4): 477–92.

Weitzman, M. L. 2002. "Landing Fees vs. Harvest Quotas with Uncertain Fish Stocks." Journal of Environmental Economics and Management 43 (3): 325–38.

Wilen, J. E. 2000. "Renewable Resource Economists and Policy: What Difference Have We Made." Journal of Environmental Economics and Management 39 (3): 306–27.





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