Factors Affecting Alaska¡¯s Salmon Permit Values: Evidence from Bristol Bay Drift Gillnet Permits
Mackenzie D. Wood () and
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Mackenzie D. Wood: Department of Economics, University of Alaska Fairbanks, U.S.A.
Review of Economics & Finance, 2017, vol. 10, 63-71
The effects of total earnings, total costs and mining exploration on permit prices in Alaska are investigated using an autoregressive distributed lag (ARDL) approach to cointegration. We take specific account of regional and gear specific salmon fisheries ¨C that is, Bristol Bay drift gillnet permits ¨C in our modelling. We find that there is a stable long-run relationship among permit prices, total earnings, and total costs. It is also found that, in both the short- and long-run, total earnings have a positive and significant relationship with permit prices, while total costs have a negative and significant relationship. Although the mining exploration in the region has a negative and significant effect on permit prices in the short-run, the effect does not seem to last in the long-run.
Keywords: Alaska; ARDL model; Bristol Bay; Drift gillnets; Permit prices (search for similar items in EconPapers)
JEL-codes: C22 D46 L79 Q22 (search for similar items in EconPapers)
Note: The authors thank anonymous referees for their helpful comments. This research was supported in part by the publication award of the office of the Vice Chancellor for Research (VCR) at University of Alaska Fairbanks.
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