H. ALAN LOVE, DIANA M. BURTON
GILBERT SYLVIA AND SHANGLI LEI
Regulatory controls designed to manage Pacific halibut fisheries are shown to have altered firms' competitive behavior. Managing catch through open access derbies allowed processors to exert monopsony market power at the vessel level during short seasons. As a result, a significant portion of regulatory rents associated with reduced seasons were captured by processors. Results also indicate that processors have not exerted significant market power at the wholesale level.