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The social cost of fishery subsidy reforms
The social cost of fishery subsidy reforms
This paper analyzes the impact of reducing fisheries subsidies in a general equilibrium model for a fishery with heterogeneous vessels. It considers the impact of the stock effect, which determines the participation of vessels in a likely increased stock abundance. In equilibrium, the productivity of the fleet is endogenous as it depends on the stock of fish along the equilibrium path. The model concludes that any impact of a subsidy drop will depend on the stock effect. If that effect is large, fishing firms will benefit from the stock recovery and the elimination of the subsidy will increase future returns on investment. The model is particularised to industrial shrimp fisheries in Mexico. It is shown that the complete elimination of a subsidy increases biomass, capitalisation, marginal productivity, and consumption and reduces inequality when the effect of the induced increase in the stock is considered. However, if that effect is not considered, capital and consumption decrease, and inequality and hence, the social costs of a subsidy drop, increase. https://doi.org/10.13039/501100000780 European Commission | Ref. H2020-SFS-2014-2 https://doi.org/10.13039/501100000780 European Commission | Ref. 634495 Spanish Ministry of Economy and Competitiveness | Ref. ECO2016-78819-R Xunta de Galicia | Ref. GRC 2015/014 ECOBAS
Microsoft Academic Graph classification: General equilibrium theory Social cost Subsidy Economics Marginal product Fishing Fishery Inequality media_common.quotation_subject media_common Stock Recovery Stock (geology)
5312.01 Agricultura, Silvicultura, Pesca, Law, Management, Monitoring, Policy and Law, Economics and Econometrics, General Environmental Science, Aquatic Science, 5312.01 Agricultura, Silvicultura, Pesca
5312.01 Agricultura, Silvicultura, Pesca, Law, Management, Monitoring, Policy and Law, Economics and Econometrics, General Environmental Science, Aquatic Science, 5312.01 Agricultura, Silvicultura, Pesca
Microsoft Academic Graph classification: General equilibrium theory Social cost Subsidy Economics Marginal product Fishing Fishery Inequality media_common.quotation_subject media_common Stock Recovery Stock (geology)
citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).10 popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.Average influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).Average impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.Average views 4 downloads 0 citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).10 popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.Average influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).Average impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.Average - 4views
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This paper analyzes the impact of reducing fisheries subsidies in a general equilibrium model for a fishery with heterogeneous vessels. It considers the impact of the stock effect, which determines the participation of vessels in a likely increased stock abundance. In equilibrium, the productivity of the fleet is endogenous as it depends on the stock of fish along the equilibrium path. The model concludes that any impact of a subsidy drop will depend on the stock effect. If that effect is large, fishing firms will benefit from the stock recovery and the elimination of the subsidy will increase future returns on investment. The model is particularised to industrial shrimp fisheries in Mexico. It is shown that the complete elimination of a subsidy increases biomass, capitalisation, marginal productivity, and consumption and reduces inequality when the effect of the induced increase in the stock is considered. However, if that effect is not considered, capital and consumption decrease, and inequality and hence, the social costs of a subsidy drop, increase. https://doi.org/10.13039/501100000780 European Commission | Ref. H2020-SFS-2014-2 https://doi.org/10.13039/501100000780 European Commission | Ref. 634495 Spanish Ministry of Economy and Competitiveness | Ref. ECO2016-78819-R Xunta de Galicia | Ref. GRC 2015/014 ECOBAS