The Australian South-east Fishery: An analysis of quota species supply and demand

TL;DRAbstract

The South East Fishery (SEF), formerly known as the South East Trawl Fishery (SETF), is one of the oldest and most valuable commercial multi-species fisheries in Australia. On January 1, 1992, sixteen commercial species of the fishery were brought into a quota management system by introducing individual transferable quotas (ITQs). The non-homothetic Generalized Leontief revenue function was employed to estimate the vessel level supply functions of sixteen quota species in the fishery covering the period 1990-96. This approach was applied to investigate the technical and economic interactions among quota species. The supply model revealed some significant substitutability and complementarity relationships among quota species. For some species, the results also revealed significant spatial, inter-annual and seasonal variations in stock. In the next step, the revenue function framework was used to solve for a set of virtual prices for the sixteen quota species. The virtual prices, togethe

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