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| Author: | McConnell, K.E. Price, M. |
| Title: | The lay system in commercial fisheries: origin and implications |
| Journal: | Journal of Environmental Economics and Management
2006 : MAY, VOL. 51:3, p. 295-307 |
| Index terms: | fishing industry incentives shares |
| Language: | eng |
| Abstract: | This paper discusses lay systems, which mean that the crew is paid with a share of revenues or a share of revenues less costs. The authors provide an explanation for the existence of the lay system as an incentive mechanism to alleviate a potential team agency problem. This explains anomalies, such as the presence of wages in some fisheries, that are odds with the theory of pure risk sharing. Secondly, the implications of the lay system for econometric modeling of fisheries and for understanding firm behaviour are shown. |
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