The Day-to-Day Supply Responses of a Limited-Entry Mixed Fishery

Liu, X., Shaw, D., Bjørndal, T., & Heino, Mikko ORCID: (2021). The Day-to-Day Supply Responses of a Limited-Entry Mixed Fishery. Marine Resource Economics 36 (1) 1-39. 10.1086/711384.

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Small-scale fishers’ short-run supply decisions are understudied, often because of data limitations. We utilize a unique dataset of daily catches and prices from a mixed-species trawl fishery in Taiwan, characterized by targeting decisions made before prices are formed. To investigate the effect of expected prices on fishers’ supply decisions, we formulate a vector error correction model in a seemingly unrelated regression system of 11 fish species. We find a price-elastic short-run supply for several species: the maximum daily price elasticity of supply (PES) ranges from 0.4 to 1.1 and is statistically significant for all but one species. The long-run PES (approx. weekly) is 11 for eight species. In contrast, elasticity with respect to wave height is weak (the median short-run elasticity is –0.4). These findings are unexpected for trawl fisheries, which are believed to have low selectivity. Our results highlight the potential that auction markets have to incentivize fishing that emphasizes quality over quantity.

Item Type: Article
Uncontrolled Keywords: Error correction model; Mixed fisheries; Price expectations; Seemingly unrelated regression; Small-scale fisheries; Supply responses
Research Programs: Advancing Systems Analysis (ASA)
Advancing Systems Analysis (ASA) > Cooperation and Transformative Governance (CAT)
Advancing Systems Analysis (ASA) > Exploratory Modeling of Human-natural Systems (EM)
Depositing User: Luke Kirwan
Date Deposited: 14 Dec 2020 11:19
Last Modified: 21 Feb 2022 08:24

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