Assessing Changes in Capital and Investment as a Result of Fishing Capacity Limitation Programs

Ikerne Valle Erkiaga () and Kepa Ikazuriaga ()
Authors registered in the RePEc Author Service: Ikerne del Valle ()

Environmental & Resource Economics, 2013, vol. 54, issue 2, 223-260

Abstract: This paper provides a framework to evaluate the effectiveness of the European Multiannual Guidance Programmes on capacity limitation based on the evolution of the prices of used fishing vessels and on the measures of capital and investment derived from the estimation of a hedonic price function related to vessels characteristics. Attention is paid not only to the correct specification of the numerical variables but also, to testing for sample selection bias, to checking for structural change, to analysing the convenience of using alternative estimation methods and to discussing the potential bias as a result of asymmetric information in the used markets. The application of this framework to the Basque fleets evidences clear and coincident signs of successful adjustment after MAGP 3 , but also a substantial investment in the next periods as a result of the modernisation of the fleets. Copyright Springer Science+Business Media B.V. 2013

Keywords: European fisheries policy; Capacity limitation programs; Multi annual guidance programmes (MAGPs); Hedonic price modelling; Model selection procedure; Basque fleet; Q22; (R33; C21; C43; E31; L62) (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/s10640-012-9591-1

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