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International Economics

2007

Regulation of renewable resource industries

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Asymmetric Information And Uncertainty: The Usefulness Of Logbooks As A Regulation Measure, Niels Vestergaard, Frank Jensen Dec 2006

Asymmetric Information And Uncertainty: The Usefulness Of Logbooks As A Regulation Measure, Niels Vestergaard, Frank Jensen

Niels Vestergaard

In many fisheries managed by quota systems fishermen are required to keep a logbook containing information about catches. No well functioning enforcement system is set up in connection with the logbooks, since the purpose is to assist biologists in making stock assessments. In this paper we consider a case where three market failures (a stock externality problem, a stock uncertainty problem and problems with measuring individual catches) arise simultaneously. It is shown that a stock tax and a tax on voluntary self- reported catches may solve these three problems. By taxing voluntary self-reported catches wemake use of logbook information. It ...