농업경제연구

Korean Agricultural Economics Association

제목 Real Option Game for Fishery Exit under Individual Transferable Quota System with Fish Price Uncertainty
저자 Hojeong Park
발행정보 51권 1호 (2010년 3월) 페이지 79~97
키워드
초록 The individual transferable quota (ITQ) is one of fishery management system to reduce over-capitalization problem prevalent in open-access or limited-access fishery. ITQ program induces the least cost efficient vessels to make earlier exits from fishery by cashing out their quotas. However, the empirical evidences are less clear. This paper examines the source of reverse ordering of exit among cost inefficient and efficient vessels by focusing on asset fixity of vessels and rivalry game in the presence of fish price uncertainty. Real option models are provided to show the conditions under which the least cost inefficient vessels may make exit later than the less cost inefficient vessels.
논문파일 농업경제연구-2010(51권제1호)-05.pdf