Real Option Game for Fishery Exit under Individual Transferable Quota System with Fish Price UncertaintyReal Option Game for Fishery Exit under Individual Transferable Quota System with Fish Price Uncertainty
- Other Titles
- Real Option Game for Fishery Exit under Individual Transferable Quota System with Fish Price Uncertainty
- Authors
- 박호정
- Issue Date
- 2010
- Publisher
- 한국농업경제학회
- Keywords
- ITQ; fishery exit; real option
- Citation
- 농업경제연구, v.51, no.1, pp.79 - 97
- Indexed
- KCI
- Journal Title
- 농업경제연구
- Volume
- 51
- Number
- 1
- Start Page
- 79
- End Page
- 97
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/117566
- ISSN
- 0549-6047
- Abstract
- The individual transferable quota(ITQ) is one of fishery management system to reduce overcapitalization problem prevalent in open-access or limited-access fishery. ITQ program induces the least cost efficient vessels to make earlier exits from fishery by cashing out their quotas. However, the empirical evidences are less clear. This paper examines the source of reverse ordering of exit among cost inefficient and efficient vessels by focusing on asset fixity of vessels and rivalry game in the presence of fish price uncertainty. Real option models are provided to show the conditions under which the least cost inefficient vessels may make exit later than the less cost inefficient vessels.
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Collections - College of Life Sciences and Biotechnology > Department of Food and Resource Economics > 1. Journal Articles
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