ECONOMIC ANALYSIS OF NEW ZEALAND'S DEEMED VALUE SYSTEM

摘要

In 2001, New Zealand modified its quota management system (QMS) to function as a hybrid ITQ/tax system. Catches in excess of annual catch entitlements (ACE) incur payments, called "deemed values". The deemed value system was part of the reforms that separated ACE from quota, which reduced transactions costs for both the industry and government. However, the deemed value system introduces some new issues, and this paper addresses those problems from practical and theoretical perspectives. This paper will explain the catch balancing regime used prior to deemed values, and the problems with that system. It will then explain the mechanics and practical issues for the New Zealand deemed value system. A core problem is that limited information is available for a large proportion of the 629 stocks managed in the QMS, so setting both quota and deemed values is inherently imprecise. The paper will then examine how economic theory, such as Arnarson's minimum information management, might be applied to the process of setting deemed values.