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- Title
Buyback Subsidies, the Time Consistency Problem, and the ITQ Alternative.
- Authors
Clark, Colin W.; Munro, Gordon R.; Sumaila, Ussif Rashid
- Abstract
The paper deals with the time consistency problem associated with buyback schemes, arising from the fact that the schemes may be anticipated by vessel owners. After reviewing and elaborating upon the key results of our recently published article on buybacks and limited-entry programs, we discuss the consequences of combining buybacks with ITQ schemes, or the equivalent, instead of limited-entry programs. We conclude that substituting ITQ schemes for limited-entry programs cannot be relied upon to eliminate fully the time consistency problem. We suggest that what may be required is a management program that combines rights-based schemes with taxes.
- Subjects
BUSINESS enterprises; SHIPS; SHIPOWNERS; MANAGEMENT; TAXATION; FISHING
- Publication
Land Economics, 2007, Vol 83, Issue 1, p50
- ISSN
0023-7639
- Publication type
Article
- DOI
10.3368/le.83.1.50