A policy direction of vessel buyback program for coastal and offshore fisheries in Korea SCOPUS KCI

Title
A policy direction of vessel buyback program for coastal and offshore fisheries in Korea
Author(s)
Pyo, H.-D.; Kwon, S.-J.
KIOST Author(s)
Kwon, Suk Jae(권석재)
Publication Year
2005
Abstract
The paper is to serve as a guide for deciding on a desirable direction for the vessel buyback program, reviewing their performance and economic effects from fish harvest reduction due to not reaching MSY. Compared with maximum willingness to pay for vessel buyback programs designed to avoid economic losses occurring as a result of overfishing, the portions of investment costs for buyback program are so small, comparatively to the range of 0.32% to 12.19% at the annual base. The economic loss effects occurred in terms of the reduction of fishing harvest are comprehensively estimated at the present value of 30,877 billion won since 1971, and exceeded the revenues for fish harvests from 1999. In orderto restore fish stocks through a vessel buyback program, this paper recommends that the yield should be reduced to, less than the intrinsic growth rate. Otherwise, the buyback program policy eventually fails regardless of the temporal effect of benefits. This paper further argues that technical policy tools such as fishing grounds, fishing seasons, size of fish and minimum size of meshes should be effectively utilized.
ISSN
1598-141X
URI
https://sciwatch.kiost.ac.kr/handle/2020.kiost/5122
DOI
10.4217/OPR.2005.27.3.323
Bibliographic Citation
Ocean and Polar Research, v.27, no.3, pp.323 - 333, 2005
Publisher
Korea Ocean Research and Development Institute
Subject
fishery economics; maximum sustainable yield; policy development; Asia; Eastern Hemisphere; Eurasia; Far East; Korea; World
Keywords
Critical value; Economic loss of fish harvest; Maximum Sustainable Yield: MSY; Vessel buyback programs
Type
Article
Language
Korean
Document Type
Article
Publisher
Korea Ocean Research and Development Institute
Related Researcher
Research Interests

Non- Market Valuation,Natural Disater Damage Evaluation,비시장가치 평가,자연재해피해 평가

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