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Policy Implications for Tropical Tuna Fisheries

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This article was downloaded by:[University of California San Diego]On: 22 February 2008Access Details: [subscription number 768616316]Publisher: Taylor & FrancisInforma Ltd Registered in England and Wales Registered Number: 1072954Registered office: Mortimer House, 37-41 Mortimer Street, London W1T 3JH, UKOcean Development & InternationalLawPublication details, including instructions for authors and subscription information:http://www.informaworld.com/smpp/title~content=t713774325Is There a Global Market for Tuna? Policy Implicationsfor Tropical Tuna FisheriesYongil Jeona; Christopher Reidb; Dale SquirescaDepartment of Economics, Sungkyunkwan University, Seoul, KoreabForum Fisheries Agency, Honiara, Solomon IslandscNational Marine Fisheries Service, Southwest Fisheries Science Center, La Jolla,California, USAOnline Publication Date: 01 January 2008To cite this Article: Jeon, Yongil, Reid, Christopher and Squires, Dale (2008) 'IsThere a Global Market for Tuna? Policy Implications for Tropical Tuna Fisheries',Ocean Development & International Law, 39:1, 32 - 50To link to this article: DOI: 10.1080/00908320701641594URL: http://dx.doi.org/10.1080/00908320701641594PLEASE SCROLL DOWN FOR ARTICLEFull terms and conditions of use: http://www.informaworld.com/terms-and-conditions-of-access.pdfThis article maybe used for research, teaching and private study purposes. Any substantial or systematic reproduction,re-distribution, re-selling, loan or sub-licensing, systematic supply or distribution in any form to anyone is expresslyforbidden.The publisher does not give any warranty express or implied or make any representation that the contents will becomplete or accurate or up to date. The accuracy of any instructions, formulae and drug doses should beindependently verified with primary sources. The publisher shall not be liable for any loss, actions, claims, proceedings,demand or costs or damages whatsoever or howsoever caused arising directly or indirectly in connection with orarising out of the use of this material.Downloaded By: [University of California San Diego] At: 18:52 22 February 2008 Ocean Development & International Law, 39:32–50, 2008Copyright © Taylor & Francis Group, LLCISSN: 0090-8320 print / 1521-0642 onlineDOI: 10.1080/00908320701641594Is There a Global Market for Tuna? PolicyImplications for Tropical Tuna FisheriesYONGIL JEONDepartment of EconomicsSungkyunkwan UniversitySeoul, KoreaCHRISTOPHER REIDForum Fisheries AgencyHoniara, Solomon IslandsDALE SQUIRESNational Marine Fisheries ServiceSouthwest Fisheries Science CenterLa Jolla, California, USARegional ex-vessel markets for cannery-grade skipjack tuna throughout the globeare spatially integrated by price, but such markets for yellowfin tuna are s patiallyindependent. The Americas exert primary price leadership in ex-vessel skipjack markets,but Bangkok and American Samoa also exert price leadership, and Ivory Coast, Japan,and Spain are largely price followers. Regional ex-vessel markets for skipjack andyellowfin are not integrated by prices. While price effects of this nature are simplyevidence of a pecuniary externality, and thereby do not necessarily affect the overallsize of global net benefits, in practice such price effects affect distribution amongplayers—who wins and who loses—and in this manner, the eventual formation of, andcompliance w ith, different management policies.Keywords global tuna markets, management of tuna fisheries, price linkagesIntroductionThe time is ripe for a major advance in the conservation and management of tropical andtemperate tuna.1Much of the discussion centers on the need to limit fishing mortality asa consequence of stock assessments indicating that overfishing is occurring on bigeye andyellowfin stocks with yields approaching or beyond maximum sustainable yield for severalReceived 7 December 2006; accepted 29 January 2007.The results presented in this article are not necessarily those of the National Marine FisheriesService or the Forum Fisheries Agency. All errors remain the responsibility of the authors.Address correspondence to Yongil Jeon, Associate Professor of Economics, Department ofEconomics, Sungkyunkwan University, 53 3-ka Myungryun-dong, Chongro-ku, Seoul 110-745,Korea. E-mail: [email protected] By: [University of California San Diego] At: 18:52 22 February 2008 Is There a Global Market for Tuna? 33yellowfin stocks. Discussion is also heightening over the control of fishing capacity, giventhe recent assessment of overcapacity in the purse seine and longline tuna fisheries of theworld (Miyake 2005; Reid et al. 2003, 2005).2Despite the recognition of the highly migratory nature of tuna, the global mobility ofthe longline and purse seine tuna fishing vessels, and the need for global coordination ofmanagement across the Regional Fisheries Management Organizations (RFMOs) areas thatdeal with tuna,3attention has yet to be given to whether or not the different regional tunaex-vessel markets in Europe, West Africa, the Americas, American Samoa, Thailand, andJapan are global or independent.4While it is well known that there is movement of supplyamong these ex-vessel markets, what is completely unknown is whether or not these regionalmarkets are linked by price, that is, whether or not there are spatial price linkages and marketintegration, thereby establishing a global market for cannery-grade tuna at the ex-vessellevel. What is also unknown, if there is indeed a global market, is the spatial structure ofthis market in the sense of which is the regional tuna market (or markets) where ex-vesselprices are first formed and how these prices are then transmitted to other regional markets.The answer to these questions can have important implications for the shape ofconservation and management policies. If these regional ex-vessel markets are independentof one another in prices—there is not spatial market integration—then policies can beindependently formed by each RFMO without consideration of the economic effects,transmitted by ex-vessel prices, from other RFMOs and vice versa. Economic impactsfrom policies limiting overall supply of different tuna species or the timing of supply intoex-vessel markets will be confined to the RFMO area through biological limits on catches ordays at sea, stock rebuilding, reductions in fishing capacity from vessel buybacks or limitedaccess, or even individual transferable quotas. If, however, these regional ex-vessel marketsare spatially


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