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• 1. [Article] Experience of vessel decommissioning in Danish fisheries

  Research Paper

  Citation × Citation Citation Abstract Copy Title: Experience of vessel decommissioning in Danish fisheries Author: Lindebo, Erik, Vestergaard, Niels Research Paper Title: Experience of vessel decommissioning in Danish fisheries Author: Lindebo, Erik, Vestergaard, Niels Research Paper Close

• 2. [Article] The Role of Expectations in Modeling Fishing Fleet Capacity Changes

  The paper analyzes a situation in which the fishing fleet is subject to restrictive regulation regarding the harvest of its primal target species due to biological overfishing that in turn reveals a high ...

  Citation × Citation Citation Abstract Copy Title: The Role of Expectations in Modeling Fishing Fleet Capacity Changes Author: Hutniczak, Barbara, Vestergaard, Niels The paper analyzes a situation in which the fishing fleet is subject to restrictive regulation regarding the harvest of its primal target species due to biological overfishing that in turn reveals a high level of overcapacity. The goal is to model fishermen’s expectations and likely responses to the government initiated transition to a sustainable fishery. The question the paper aims to answer is: to what degree anticipation of policy change may be delaying the fleet restructuring process. The investigated setting includes direct intervention in the form of a time‐limited buyback program and two scenarios regarding future regulations. In the first, the fishery continues under Individual Vessel Quotas (IVQs). In the second scenario, introduction of Individual Transferable Quotas (ITQs) is expected in the near future. Under a rationality assumption, the exit decision depends on the expected sum of discounted profits in comparison with the single buyback payment. The profits in turn depend on expectations regarding the form of the quota that may become a valuable asset in the future. The paper uses a restricted profit function approach. The advantage of the developed model is its flexibility with respect to the multispecies and multigear character of the fishing industry. An application is provided for the Polish trawler fleet targeting primarily cod. Title: The Role of Expectations in Modeling Fishing Fleet Capacity Changes Author: Hutniczak, Barbara, Vestergaard, Niels The paper analyzes a situation in which the fishing fleet is subject to restrictive regulation regarding the harvest of its primal target species due to biological overfishing that in turn reveals a high level of overcapacity. The goal is to model fishermen’s expectations and likely responses to the government initiated transition to a sustainable fishery. The question the paper aims to answer is: to what degree anticipation of policy change may be delaying the fleet restructuring process. The investigated setting includes direct intervention in the form of a time‐limited buyback program and two scenarios regarding future regulations. In the first, the fishery continues under Individual Vessel Quotas (IVQs). In the second scenario, introduction of Individual Transferable Quotas (ITQs) is expected in the near future. Under a rationality assumption, the exit decision depends on the expected sum of discounted profits in comparison with the single buyback payment. The profits in turn depend on expectations regarding the form of the quota that may become a valuable asset in the future. The paper uses a restricted profit function approach. The advantage of the developed model is its flexibility with respect to the multispecies and multigear character of the fishing industry. An application is provided for the Polish trawler fleet targeting primarily cod. Close