Efficiency of the New Zealand annual catch entitlement market |
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| Institution: | 1. Department of Accounting and Finance, Unitec Institute of Technology, Private Bag 92025, Mt Albert, Auckland, New Zealand;2. Department of Civil Engineering, Unitec Institute of Technology, Private Bag 92025, Mt Albert, Auckland, New Zealand;1. Department of Social Science, Luleå University of Technology, 971 87 Luleå, Sweden;1. Centre for Sustainable Tropical Fishing and Aquaculture, College of Marine and Environmental Sciences, James Cook University, Townsville 4811, QLD, Australia;3. Western Australian Fisheries and Marine Research Laboratories, Department of Fisheries, Government of Western Australia, PO Box 20, North Beach 6920, WA, Australia;4. Department of Environment and Agriculture, School of Science and Engineering, Curtin University, Bentley Campus, Bentley 6485, WA, Australia;5. Commonwealth Scientific and Industrial Research Organisation, Brisbane, QLD, Australia;6. Molecular Fisheries Laboratory (molecularfisherieslaboratory.com.au), School of Biomedical Sciences, University of Queensland, Brisbane 4072, QLD, Australia;7. Molecular Biological and Chemical Sciences Faculty, University of Queensland, Brisbane 4072, QLD, Australia;8. Queensland Department of Agriculture, Fisheries and Forestry, Northern Fisheries Centre, PO Box 5396, Cairns 4870, QLD, Australia;9. South Australian Research and Development Institute, West Beach, SA, Australia;1. Ifremer, rue de l’île d’Yeu, BP21105, 44311 Nantes Cedex 3, France;2. IMARES, Part of Wageningen UR, Institute for Marine Resources and Ecosystem Studies, PO Box 68, IJmuiden 1970 AB, The Netherlands;3. School of Biological Sciences, Queen׳s University Belfast, 97 Lisburn Road, Belfast BT9 7BL, UK;4. Danish Pelagic Producers Organisation, H.C. Andersens Boulevard 37, 1553 Copenhagen, Denmark;5. Irish Marine Institute, Galway, Republic of Ireland;6. National Institute of Aquatic Resources, Technical University of Denmark, Jægersborg Allé 1, 2920 Charlottenlund, Denmark;7. ICES, H.C. Andersens Boulevard 44-46, 1553 Copenhagen, Denmark |
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| Abstract: | Balancing catch with annual catch entitlement (ACE) is crucial both for the financial viability of fishers and for the efficient operation of the New Zealand quota management system (QMS). This study examines the information channels that are used by fishers to search for ACE availability, and notes how these channels differ between large and small fishers. Special attention is given to the viability of small independent fishers whose participation in the fishery is dependent on their acquiring ACE in the open ACE market. An ACE market survey along with extensive consultation captured the views of fishers, fish processors, and quota brokers. These sources provide valuable insights into the day-to-day operation of the ACE market. They suggest that while elements of market power are evident in the ACE market there are also characteristics of an efficient market. |
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| Keywords: | Annual catch entitlement (ACE) Efficient markets Information channels Transaction cost Deemed value |
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