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Catch–quota matching allowances balance economic and ecological targets in a fishery managed by individual transferable quota

Oostdijk, Maartje; Byrne, Conor; Stefánsson, Gunnar; Santos, Maria J; Woods, Pamela J (2020). Catch–quota matching allowances balance economic and ecological targets in a fishery managed by individual transferable quota. Proceedings of the National Academy of Sciences of the United States of America, 117(40):24771-24777.

Abstract

Fishers with individual catch quota, but limited control over the mix of species caught, depend on trade and catch–quota balancing allowances to fully utilize their quota without discarding. However, these allowances can theoretically lead to overfishing if total allowable catches (TACs) are consistently exceeded. This study investigates usage of balancing allowances by the Icelandic demersal fleet over 2001–2017, for over 1,900 vessels. When a vessel’s demersal catch exceeds owned and leased quota for a given species, the gap can be bridged by borrowing quota from the subsequent fishing period or transforming unutilized quota in other species, restricted by limits. Conversely, excess quota can be saved or transformed into quota for species where there is a shortfall. We found evidence that balancing behavior is frequently similar across the fleet. Transformations are consistent with indicators of a general quota shortage and potential for arbitrage caused by differences in conversion ratios used for transformation and lease prices. Larger companies contribute more to these patterns. Nevertheless, TAC overages are generally modest especially in recent years—key reasons appear to be the tightening of vessel transformation limits and the central role of Atlantic cod, which is the main target species but cannot be persistently overfished due to a specific prohibition on positive transformations into the species. These results show how the tailored design of the Icelandic catch–quota balancing system has helped in balancing economic and ecological goals of management. We suggest policy changes that could further reduce ecological risks, e.g., prioritizing between-year transfers over transformations.

Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:07 Faculty of Science > Institute of Geography
Dewey Decimal Classification:910 Geography & travel
Scopus Subject Areas:Health Sciences > Multidisciplinary
Uncontrolled Keywords:Multidisciplinary
Language:English
Date:6 October 2020
Deposited On:10 Dec 2020 15:53
Last Modified:24 Jan 2025 02:36
Publisher:National Academy of Sciences
ISSN:0027-8424
OA Status:Hybrid
Free access at:Publisher DOI. An embargo period may apply.
Publisher DOI:https://doi.org/10.1073/pnas.2008001117
Project Information:
  • Funder: SNSF
  • Grant ID: IZK0Z2_161582
  • Project Title: Computational Capabilities of Brain-Like Models
  • Funder: H2020
  • Grant ID: 675153
  • Project Title: AdaptEconII - Adaptation to a New Economic Reality
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  • Language: English
  • Licence: Creative Commons: Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)

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