Buyback Programs: Goals, Objectives, and Industry Restructuring in Fisheries

James E. Kirkley, John Walden and James Waters

Journal of Agricultural and Applied Economics, 2004, vol. 36, issue 2, 333-345

Abstract: National Oceanic and Atmospheric Administration Fisheries has conducted several buyback programs to reduce harvesting capacity in fisheries. These programs have attempted to maximize capacity reduction given a fixed budget. However, restructuring issues have not been considered. We explore the possibility of satisfying three different buyback objectives. We examine the black sea bass trap fishery and determine the number of vessels given different allowable catch levels and objectives of maximizing technical efficiency, capacity utilization, and vessels in the fishery. We find considerable variation in the number of vessels allowed to remain in the fishery given the different objectives.

Date: 2004
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