|Document Type:||Journal Article|
|Title:||Bycatch Risk Pools for the West Coast Groundfish Fishery|
|Author:||Daniel S. Holland, Jason E. Jannot|
|Keywords:||Groundfish,Risk Pools, Individual Quotas,|
Individual transferable quotas (ITQs) in multispecies fisheries create incentives for fishermen to avoid bycatch of species for which quota is scarce. However, when bycatch is highly uncertain, individual quota demand and prices may be volatile creating substantial financial risk for fishermen. The US Pacific Groundfish fishery recently introduced an ITQ system with low quotas for several overfished species with highly uncertain bycatch rates. Some fishery participants are considering pooling bycatch quota. While these risk pools reduce risk for individuals they also create moral hazard and adverse selection problems. We present an analysis of key issues of risk pool design.
Analysis used to explore design and utility of risk pools in the West Coast groundfish IFQ
|Theme:||Ecosystem Approach to Management for the California Current Large Marine Ecosystem|
Describe the interaction between human activities and ecosystem status and resilience.
Holland, D.S., Jannot, J.E., 2112. Bycatch risk pools for the US West Coast Groundfish Fishery, Ecol. Econ. 78:132-147.doi:10.1016/j.ecolecon.2012.04.010