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Theory and Practice of Fisheries and Water Economics

Squires , Dale; Grafton, Quentin

Description

This article reviews economic concepts for the management of two related renewable resources, fish stocks and water. The authors discuss scarcity and the economics of optimal use that also addresses external costs and benefits and market failure arising from incomplete or weak property rights, issues in optimal use over time, and growing importance of public benefits. Also discussed are the economic approaches proposed to resolve the scarcity and market failure challenge in water and fisheries...[Show more]

dc.contributor.authorSquires , Dale
dc.contributor.authorGrafton, Quentin
dc.contributor.editorJason Shogren
dc.date.accessioned2015-12-10T21:56:49Z
dc.identifier.isbn9780080964522
dc.identifier.urihttp://hdl.handle.net/1885/39617
dc.description.abstractThis article reviews economic concepts for the management of two related renewable resources, fish stocks and water. The authors discuss scarcity and the economics of optimal use that also addresses external costs and benefits and market failure arising from incomplete or weak property rights, issues in optimal use over time, and growing importance of public benefits. Also discussed are the economic approaches proposed to resolve the scarcity and market failure challenge in water and fisheries that are similar despite key differences, which include the importance of economic incentives, getting prices right so that the price of fish or water reflects its economic opportunity cost, including the value of the resource in the environment and over time, the challenge of managing a resource that is highly variable and stochastic, and adequately adapting economic frameworks to existing institutional constraints and limitations. Finally, emerging issues are discussed, including greater importance of public benefits arising from ecosystem and biodiversity considerations, climate change, and allocation of a scarce resource among competing uses and users.
dc.publisherElsevier
dc.relation.ispartofEncyclopedia of Energy, Natural Resource, and Environmental Economics
dc.relation.isversionof1st Edition
dc.titleTheory and Practice of Fisheries and Water Economics
dc.typeBook chapter
local.description.notesImported from ARIES
local.description.refereedYes
dc.date.issued2013
local.identifier.absfor140205 - Environment and Resource Economics
local.identifier.ariespublicationu4430637xPUB180
local.type.statusPublished Version
local.contributor.affiliationGrafton, R Quentin, College of Asia and the Pacific, ANU
local.contributor.affiliationSquires , Dale, University of California
local.description.embargo2037-12-31
local.bibliographicCitation.startpage31
local.bibliographicCitation.lastpage38
local.identifier.doi10.1016/B978-0-12-375067-9.00163-7
dc.date.updated2020-12-13T07:25:52Z
local.bibliographicCitation.placeofpublicationUK and USA
CollectionsANU Research Publications

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