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The economics of ending Canada's commercial harp seal hunt
Abstract
The roots of the Canadian harp seal hunt can be traced to the 16th Century. But in the mid-20th century, opposition to the commercial hunt became widespread after television images of seal pups being killed with clubs on the pack ice off the coast of Newfoundland were broadcast around the world. International conservation groups, animal welfare groups, animal rights groups, and foreign governments have been calling for the Canadian government to end the commercial seal hunt on the grounds that it is inhumane and that harvest levels are unsustainable. The Canadian government defends the traditional practices of hunting harp seals, argues that seal pelts are an important source of income for sealers, and insists that the killing methods are humane and that harvest levels are sustainable. Emotions run high on both sides of the debate. The purpose of this paper is to evaluate whether or not there is a purely economic argument for ending Canada's commercial seal hunt. The paper finds that the benefits of ending the commercial hunt exceed the costs, but not unequivocally. However, the paper argues there should be a higher criterion—the Pareto criterion—for ending the commercial hunt; that is the hunt should end only if winners compensate the losers. The paper goes on to argue that an effective way to satisfy this criterion is to introduce a system of individual transferable quotas (ITQs) and let the market reveal the value of the commercial seal hunt. In addition to many other advantages such as improving the safety and efficiency of the hunt, the ITQ market could provide a mechanism by which those willing to pay to end the hunt could do so directly to sealers thereby ensuring that the hunt is scaled back or ultimately ended only when it is economically efficient and unambiguously welfare-improving.
... Pups are born with white fur and are weaned by about 12 days after birth. By 25 days after birth, pups have moulted their white fur and a darker looking coat has grown in (Livernois, 2010). When the ice begins to recede, usually in May, harp seal packs head back north (Livernois, 2010). ...
... By 25 days after birth, pups have moulted their white fur and a darker looking coat has grown in (Livernois, 2010). When the ice begins to recede, usually in May, harp seal packs head back north (Livernois, 2010). A Federal Government report suggested that there were at least eight million harp seals in Canadian waters in 2008, the highest estimate in 60 years (DFO, 2011). ...
... Seals have been hunted in Canada for international export since at least the early 1800s, with the highest one-year harvest (740,000 seals) recorded in 1832 (DFO, 2011). Commercial hunting typically happens in March and April because this is when pups are accessible to humans via pack ice and when their young coats have qualities preferred in the marketplace (Livernois, 2010). Prior to World War II, there was little to no government oversight of commercial seal hunting in Canada, and over-exploitation led to population decline (DFO, 2011;Dauvergne and Neville, 2011). ...
This paper examines an iteration of debate about seal hunting in Canada wherein the politics of nature and celebrity culture intersected via Web 2.0 in an unanticipated way. Our analysis focuses on a spike in social media posting that took place after celebrity Ellen DeGeneres took a 'selfie' photo with a group of movie stars live during the 2014 Academy Awards. 'Nature 2.0' is a relevant framing for this case because, in the weeks and months after the 2014 Oscars, many seal hunters and other pro-hunt advocates took to Twitter and posted personal photos and/or accounts of seal hunting and its significance. In a play on DeGeneres' Oscars selfie, both types of posters often labelled their tweets with the following 'hashtag': #sealfie. Our analysis shows that, while important, the Oscars spectacle and the star-studded selfie did not alone the scene for #sealfies and their circulation. Moreover, we demonstrate that some #sealfie posters challenged the authority of anti-sealing organizations and employed Web 2.0 functionalities in ways that took debate about sealing beyond engrained moral and environmental binaries. We conclude that Web 2.0 not just enabled, but actually shaped, the form and function of #sealfies and the journalistic attention that the phenomenon received.
... The literature on seal hunting is vast [e.g., [18][19][20][21][22], and the media attention on public debate has been substantial. However, there has been little rigorous psychological analysis of public support for or opposition to seals and seal hunting in Newfoundland. ...
... Stopping the hunt is a function of value orientations, beliefs about seal hunting being cruel, and acceptance for seal uses. As argued by Livernois [22], the debate around ending or continuing the commercial seal hunt is emotionally driven. Findings here provide evidence that beliefs related to the cruelty of the hunt (i.e., beliefs carrying an emotional components) directly and positively influenced support for stopping the hunt. ...
The hunting of harp (Pagophilus groenladicus) and grey (Halichoerus grypus) seal are part of Newfoundland and Labrador's cultural heritage, tradition, and livelihood. Controversies, however, exist around seal hunting and the permanence of the industry, which is infused by the perceived impact of seals to the local fishery and the growing populations of these species off the coast of Newfoundland and Labrador. To include coastal residents in the seal debate, a self-administered questionnaire was randomly distributed across 40 communities (38 rural and 2 urban). Overall, respondents valued seals for their ecological, intrinsic, cultural and instrumental values, expressed positive attitudes toward seals, believed seals were causing the decline of the Atlantic cod (Gadus morhua), held low trust toward the federal agency governing the sea, did not think the hunting was cruel and supported continuity of the activity. Results from structural equation modelling showed that support for stopping the seal hunt was positively influenced by beliefs about cruelty associated to hunting, and negatively influenced by acceptability of using seals for commercial and subsistence purposes. Statistical differences were found between rural and urban respondents, yet both groups held similar views. Findings suggested that despite positive ecological and intrinsic values and attitudes, seals were perceived as an abundant species that needs to be lethally controlled. The lack of trust on the government suggested that an open dialogue is necessary for an effecting seal management.
... Proposals for credit systems have linked seafood production to greenhouse gas emissions through the carbon footprint of fish production (Iribarren et al. 2010; Lovett 2010) and introduced the potential for mitigating habitat loss and high by-catch (Janisse et al. 2009; Madsen et al. 2011). Others have attempted to build on existing individual transferable quota (ITQ) systems for incentivizing the conservation of endangered marine species (Livernois 2010; Costello et al. 2012). However, few of these proposals are well elaborated and are often presented as, or mixed up with, tradable permits or rights (Mansfield 2006). ...
... Fishers can voluntarily choose how to spend their credits, such as limiting fishing effort in high catch or sensitive areas or by fishing longer in lower-catch or less sensitive areas. Mar- ine ConservationLivernois 2010; Costello et al. 2012). These authors argue that the ITQ market can provide incentives to scale back or stop the hunt when it is economically efficient and/or deemed ethically appropriate to do so. ...
Following implementation in a range of other resource sectors, a number of credit-like systems have been proposed for fisheries. But confusion exists over what constitutes these nascent ‘fisheries credit’ systems and how they operate. Based on a review of credit systems in other sectors, this study fills this gap by defining how credit systems function and what credits add to prevailing fisheries management. In doing so, we distinguish ‘mitigation’ and ‘behavioural’ fishery credits. Mitigation credits require resource users to compensate for unsustainable catches of target species, by-catch species or damaging practices on the marine environment by investing in conservation in a biologically equivalent habitat or resource. Behavioural credit systems incentivize fishers to gradually change their fishing behaviour to more sustainable fishing methods by rewarding them with, for instance, extra fishing effort to compensate for less efficient but more sustainable fishing methods. The choice of credit system largely depends on the characteristics of specific fisheries and the management goals agreed upon by managers, scientists and the fishing industry. The study concludes that fisheries credit systems are different but complimentary to other forms of management by focusing on ‘catchability’ or gear efficiency in addition to effort or catch quota, affecting overall economic efficiency by setting specific goals as to how fish are caught. Credit systems therefore incentivize specific management interventions that can directly improve stock sustainability, conserve habitat and endangered species, or decrease by-catch.
... These concerns had already led to the adoption of legislation at the same level of governance which restricted imports of products derived from newborn harp seals and hooded seals (Council of European Communities 1983). The legislation enacted in 2009 was thus introduced as a more comprehensive measure following the resurgence of Canada's seal hunt in the 1990s, which was driven by efforts to address declines in fish stocks (Livernois 2010). ...
Commercial small-scale fisheries along the Baltic Sea coasts have declined over the years although these fisheries are viewed as important for coastal development and food security at the local, national, and EU levels. The viability and future of small-scale fisheries are severely challenged by problems caused by grey seals. The conflict, occurring between Baltic Sea coastal fisheries and conservation of the grey seals, has been severe since the mid-1990s and continues despite attempts to find a more balanced situation. Resting on reviews of multiple material, this paper explores the state-of-the-art opportunities for mitigating the seal-fisheries conflict and asks how these are related to social struggles and social justice. Our paper concludes that co-existence of coastal fisheries and the grey seal is possible but necessitates political will and co-designed seal management plans that help implement context-specific measures. Seal deterrents, for instance, give hope as a supplementary conflict mitigation measure – along with seal-proof fishing gear – but provide only partial relief. From the fisheries sector’s position, influencing the size of the seal population is a logical solution. The lifting of the EU trade ban of seal products as a regional derogation would allow sustainable management of seal populations so that they be used as renewable natural resource. Monitoring changes in the seal population is crucial for maintaining a balanced population. Reaching co-existence is timely, because – unlike the seal – the diverse Baltic coastal fishing culture is increasingly endangered.
... Others have attempted to build on existing individual transferable quota (ITQ) systems for incentivizing the conservation of endangered marine species (Livernois 2010;Costello et al. 2012). However, few of these proposals are well elaborated and are often presented as, or mixed up with, tradable permits or rights (Mansfield 2006). ...
Following implementation in a range of other resource sectors, a number of credit-like systems have been proposed for fisheries. But confusion exists over what constitutes these nascent ‘fisheries credit’ systems and how they operate. Based on a review of credit systems in other sectors, this study fills this gap by defining how credit systems function and what credits add to prevailing fisheries management. In doing so, we distinguish ‘mitigation’ and ‘behavioural’ fishery credits. Mitigation credits require resource users to compensate for unsustainable catches of target species, by-catch species or damaging practices on the marine environment by investing in conservation in a biologically equivalent habitat or resource. Behavioural credit systems incentivize fishers to gradually change their fishing behaviour to more sustainable fishing methods by rewarding them with, for instance, extra fishing effort to compensate for less efficient but more sustainable fishing methods. The choice of credit system largely depends on the characteristics of specific fisheries and the management goals agreed upon by managers, scientists and the fishing industry. The study concludes that fisheries credit systems are different but complimentary to other forms of management by focusing on ‘catchability’ or gear efficiency in addition to effort or catch quota, affecting overall economic efficiency by setting specific goals as to how fish are caught. Credit systems therefore incentivize specific management interventions that can directly improve stock sustainability, conserve habitat and endangered species, or decrease by-catch.
... The harvesting of wild animals for commercial purposes creates conflicts between commercial operators, landholders, traditional owners of the land, conservationists and animal protection advocates. For example, ethical concerns conflict with economic returns in the industries harvesting harp, grey and hooded seals (Fink, 2007;Livernois, 2010;Wenzel, 1978), crocodiles (Choquenot et al., 1998), turtles (Haitao et al., 2008), wild boar (Takahaski and Tisdell, 1989) and whales (Kuronuma and Tisdell, 1994). These conflicts are evident in the Australian commercial kangaroo industry which has grown to be the largest consumptive mammalian wildlife industry in the world (Boom et al., 2012). ...
The utilisation of wildlife creates conflicts between commercial operators, landholders, traditional owners of the land, conservationists and animal protection advocates. Such conflicts are evident in Australia's utilisation of the iconic kangaroo (Macropus) species for their meat and hides. Like many wild animal industries, kangaroos are an open access resource, although restrictions built into the management regime ensure that rents are, approximately, maximised. However, resource allocation decisions and the distribution of rents reflect the values and objectives of the economically powerful stakeholders and particularly commercial processors. Thus, rents are not distributed equitably and the management regime excludes animal protection advocates from adequate participation. Thus, an external cost occurs when kangaroos are harvested that must be internalised for economic efficiency to be achieved. We propose a tradeable permit system where landholders, shooters and processors compete with ordinary citizens for the right to harvest kangaroos. This increases the private cost of harvest and internalises the external cost. It also improves the equity of rent distribution with landholders able to earn a return from kangaroos on their land. As similar issues arise in the utilisation of other wild animals, the research provides an important contribution to the literature on the economics of animal welfare.
... You are a mean bastard and you will pay for your sins" (see also Henke, 1985: 175-183 (Braunsberger and Buckler, 2009). The government says this is an important source of income to the 5,000 to 6,000 sealers, critics dismiss sealing as a "make-work project" in the fishing off-season (Sorenson, 2010: 85), and economic analyses (such as Livernois, 2010) tend to conclude that the financial costs exceed the benefits. ...
The provocative debate over the Canadian seal hunt features emotional imagery, selective use of facts, a media relations battle, and political lobbying. This paper explores different forms of propaganda employed in the sealing controversy by animal rights groups and by the governments of Canada and of Newfoundland. It argues that Newfoundland nationalism is a central variable. This perspective can help gauge the effects of propaganda and explain the government's defense of a controversial policy. It concludes that propaganda, nationalism, and political marketing are independent categories that bear strong similarities.
Policy Paper dirigido al Gobierno de Canadá, específicamente al Departamento de Pesca y Oceános, para detener la caza comercial de focas. Incluyendo propuestas y recomendaciones para sustituir dicha práctica por otras que sean eco-sostenibles y de mayor rentabilidad para quienes se dedican a la caza.
This chapter highlights an unexplored aspect of corporate social responsibility, that is animal violence and welfare. According to (Dadds, M. R., Turner, C. M., & McAloon, J. (2002). Developmental links between cruelty to animals and human violence. The Australian and New Zealand Journal of Criminology, 35(3), 363-382), cruelty against animals can be a predictor of future violence. If one wants to avoid violence in general, one has to think about ways to prevent violence against animals. No longer accepting violence against animals in the fashion industry, a sector that has a big impact on youth, can be a major step in the reduction of violence. The purpose of this chapter is to analyse how non-violence against animals is integrated as a business strategy into the fashion industry and how companies are trying to influence each other. The methodological approach is based on qualitative comparative studies between small and large firms. Five cases are selected taking multiple levels of corporate sustainability into account: JBC, ARFshop, Doekjes en Broekjes, Bellerose and Fake Fur. The research shows that large companies do more to benefit human welfare, whereas the smaller ones attach more importance to the environment. Yet all companies agreed that long-term relationships are crucial in partnerships and that the process of exchanging information is valuable in order to act in a transparent way. They are all aware that animal welfare and environmental welfare will gain importance in the future, and therefore something must be done about the impact companies have. Hence, they are implementing strategies at their own pace to benefit the welfare of animals. A change in mind set is growing, slowly but certainly and partnerships with NGOs can benefit this transition process
EC–Seal Products has been characterized as a contest between local moral preferences about animal welfare, on the one hand, and global commitments to trade disciplines on the other. But that description fails to take into account the development of international legal norms concerning animal welfare and their relevance to this case, as well as to other potential disputes involving animal welfare measures that affect trade. The international dimension of animal welfare implicates two ongoing debates in international trade law: what the relationship should be between WTO law and general international law, and the extent to which ‘public morals’ under Article XX(a) of GATT can be locally defined or need to be internationally shared. This Article examines the argument that there is a general principle of international law concerning animal welfare, and analyzes the role that international norms regarding animal welfare should play in EC–Seal Products.
This article seeks to provide insight into the formulation of non-governmental organization (NGO) and transnational advocacy network (TAN) campaign strategy. We argue that the history of previous campaigns comprises an important aspect of the political opportunity structure faced by NGOs and TANs. We also argue that when formulating campaign strategy, campaigners should not only consider the legacies of previous campaigns, but also how their current strategies could impact on political opportunity structure and thereby influence future campaigns. This article uses the case study of the movement against seal hunting in Atlantic and Northern Canada and considers the potential for collaboration between previous opponents on other environmental issues. We examine the history of the anti-sealing campaigns looking at the various actors involved, and the impact that these campaigns had on these actors and their current relations with one another. The case study demonstrates that the history of previous campaigns matters and that history is a vital component of political opportunity structure.
Canada’s commercial seal hunt has been the subject of controversy for over 40 years. Much of the debate has centered on the question of humane killing. The reality, however, is that debates about commercial sealing are political debates involving conflicting values and ethics. We argue that the time has come for conservationists, scientists, managers of free-living animals, bureaucrats, politicians, and society at large to think beyond populations and ecosystems and consider also the well-being of individual, sentient animals. The fundamental question then becomes, “Can commercial seal hunts be morally justified in the twenty-first century?”
We use household survey data to construct a direct measure of absolute risk aversion based on the maximum price a consumer is willing to pay to buy a risky asset. We relate this measure to a set of consumers' decisions that in theory should vary with attitude towards risk. We find that elicited risk aversion has considerable predictive power for a number of key household decisions such as choice of occupation, portfolio selection, moving decisions and exposure to chronic diseases in ways consistent with theory. We also use this indicator to address the importance of self-selection when relating indicators of risk to individual saving decisions.
El Análisis Conjunto se ha convertido en una técnica habitual en la estimación de las utilidades asignadas por los consumidores a los distintos atributos que conforman un producto. Las etapas requeridas en el desarrollo de este instrumento incluyen el diseño, la administración del experimento, la especificación y estimación del modelo conjunto y la evaluación de los resultados hallados. En este trabajo, se ha diseñado un experimento con el fin de analizar las diferencias, tanto en las preferencias como en la segmentación del mercado del vino, obtenidas dependiendo del método de estimación seleccionado que a su vez depende de la consideración que se haya dado a la variable dependiente (de tipo numérico o de tipo ordinal). Las diferencias en los resultados de las distintas elecciones se han estudiado mediante tres métodos de estimación: 1) estimación por Mínimos Cuadrados, 2) estimación por Máxima Verosimilitud de un modelo Tobit Doblemente Censurado y 3) modelo Logit Ordenado. La información se ha obtenido mediante una encuesta personal dirigida a los compradores habituales de vino en Navarra. Los atributos seleccionados como más relevantes en la adquisición de estos productos han sido el precio, el origen y el tipo de vino. Los resultados observados ofrecen similares estructuras de preferencias en la compra de los vinos, así como clasificaciones del mercado muy homogéneas entre sí. Conjoint analysis has become an increseasingly popular approach to estimate the benefits received from the attributes of a product. The specific steps in conjoint analysis include conjoint desing, administration of the conjoint experiment, conjoint model specification and estimation, and result’s evaluation. In this paper, we have concentrated on the consequences of choosing different methods of estimating the conjoint model. Three alternative methods of estimation have been considerend which differs in the way the dependent variable is considered: 1) least squ
Using count data models that account for zero-truncation, overdispersion, and endogenous stratification, this paper estimates the value of access to recreational parks. The focus is on the valuation of the opportunity cost of travel time within the cost of the trip and its effects on estimated consumer surplus. The fraction of hourly earnings that corresponds to the opportunity cost of travel time is endogenously estimated as a function of visitor characteristics, rather than fixed exogenously. We find that the relevant opportunity cost of time for most visitors represents a smaller fraction of their wage rate than commonly assumed previously.
The British Columbia halibut fishery provides a natural experiment of the effects of "privatizing the commons." Using firm-level data from the fishery 2 years before private harvesting rights were introduced, the year they were implemented, and 3 years afterward, a stochastic frontier is estimated to test for changes in technical, allocative, and economic efficiency. The study indicates that (1) the short-run efficiency gains from privatization may take several years to materialize and can be compromised by restrictions on transferability, duration, and divisibility of the property right; (2) substantial long-run gains in efficiency can be jeopardized by preexisting regulations and the bundling of the property right to the capital stock; and (3) the gains from privatization are not just in terms of cost efficiency but include important benefits in revenue and product form. Copyright 2000 by the University of Chicago.
The British Columbia halibut fishery provides a natural experiment of the effects of "privatizing the commons". Using firm-level data from the fishery two years before private harvesting rights were introduced, the year they were implemented and three years afterwards, a stochastic frontier is estimated to test for changes in technical, allocative and economic efficiency. Despite some improvements in short-run measures of cost efficiency, overall the fishing fleet still remains well below the best practice frontier.
Recent reports suggest that most of the world's commercial fisheries could collapse within decades. Although poor fisheries governance is often implicated, evaluation of solutions remains rare. Bioeconomic theory and case studies suggest that rights-based catch shares can provide individual incentives for sustainable harvest that is less prone to collapse. To test whether catch-share fishery reforms achieve these hypothetical benefits, we have compiled a global database of fisheries institutions and catch statistics in 11,135 fisheries from 1950 to 2003. Implementation of catch shares halts, and even reverses, the global trend toward widespread collapse. Institutional change has the potential for greatly altering the future of global fisheries.
Much attention has been given over the years to animal welfare issues surrounding the seal hunt in Atlantic Canada. However, very little information is available on this subject in the scientific literature. This article reports the results of observations made by representatives of the Canadian Veterinary Medical Association at the hunt in recent years and compares them with observations made by members of the International Fund for Animal Welfare. The conclusion is that the large majority of seals taken during this hunt (at best, 98% in work reported here) are killed in an acceptably humane manner. However, the small proportion of animals that are not killed effectively justifies continued attention to this hunt on the part of the veterinary profession.
Have the first eight years of the ITQ system been a success or failure? In my opinion the ITQ system has, on balance, been a success, although it has not been problem free. The positive aspects of the QMS have been as follows.1.
The overall perception is that the economic performance of the industry has improved.
2.
The biological status of the resource has improved, with rebuild strategies in place for stocks that are below B
msy.
3.
There has been increased industry responsibility in the conduct of their fishing operations and their contribution to fisheries management decision making.
4.
An open and transparent stock assessment and TAC setting process has evolved, with participation invited from all the sector/user groups.
5.
Bycatch problems appear to have been reduced by fishers adjusting their catch mix and methods of operation, by the adoption of industry codes of practice, and by the implementation of a system of overfishing provisions that has evolved to take into account changing circumstances.
6.
Quota busting, dumping, and high grading appear to have decreased.
The following are the major difficulties or problems still being encountered, but all are being or will be addressed.1.
The allocation of fisheries rights amongst competing sector/user groups (including the commercial industry, aboriginal/traditional users, recreational fishers and environmental/conservation groups) needs to be clearly defined before property rights are conferred under ITQs. The failure to clearly define property rights in New Zealand has hindered the development of secure access to the fisheries resource for all sector/user groups.
2.
There has been no evidence of a substantial reduction in government intervention. However, the recently introduced fisheries legislation gives more responsibility to the various sector/user groups for fisheries management decision making (a form of comanagement).
3.
The administrative systems of a QMS, especially matching catch against quota, should be kept as simple as possible. The catching right (ACE) should preferably be kept separate from the property right (ITQ).
The success of the ITQ system in New Zealand can be attributed to the following four main factors.1.
New Zealand is isolated geographically with no major shared or straddling stocks.
2.
Key fishing industry players were strong supporters and promoters of the ITQ system right from the start and were instrumental in getting the system introduced. The system also enjoyed widespread support from fishery managers and politicians.
3.
The Government bought back catch histories from inshore fishers to reduce TACs in stressed inshore stocks, so fishers were compensated for catch reductions.
4.
At the time of the catch reductions for the inshore species, the offshore, deep-water species were largely underexploited. Subsequently, catches from these latter fisheries increased, which formed a strong economic base for the development of the New Zealand fishing industry.
The pace of change in New Zealand's fisheries management structures and systems has moved rather quickly since the mid 1980s in comparison with most other fishing nations. The near future is likely to be no exception. We are moving into an era of the recovery of the attributable costs of fisheries management from the industry, increased participation of sector/user groups in fisheries management, contestability of the delivery of fisheries management services, and a fundamental restructuring of the Ministry of Fisheries. All of these changes cannot but help to fundamentally alter the way that fisheries are managed in New Zealand. Watch this space for the results of this experiment and for future developments.
Vessel and license buyback programs are being used increasingly as a tool to reduce overcapacity in fisheries. This paper examines buybacks programs in a number fisheries around the world, in order to evaluate their effectiveness in achieving their objectives. We show that, though the objectives are usually similar, the design of different buyback programs varies widely with important ramifications. Although proper design can improve the performance of buyback programs, we conclude that buyback programs are generally not an effective way to address the problems they are meant to solve.
In 1986, New Zealand responded to the open-access problem by establishing the world's largest individual transferable quota (ITQ) system. Using a 15-year panel dataset from New Zealand that covers 33 species and more than 150 markets for fishing quotas, we assess trends in market activity, price dispersion, and the fundamentals determining quota prices. We find that market activity is sufficiently high in the economically important markets and that price dispersion has decreased. We also find evidence of economically rational behavior through the relationship between quota lease and sale prices and fishing output and input prices, ecological variability, and market interest rates. Controlling for these factors, our results show a greater increase in quota prices for fish stocks that faced significant reductions, consistent with increased profitability due to rationalization. Overall, this suggests that these markets are operating reasonably well, implying that ITQs can be effective instruments for efficient fisheries management.
In this paper, we propose a method of determining the opportunity cost of leisure time with an empirical recreation demand application. Typically, the opportunity cost of leisure time is assumed to be some fraction of the wage rate. This practice has limitations. First, it assumes that individuals can trade time for money at their wage. Second, it offers no guidance about how to value the time of an individual who is not in the labor force. This paper proposes a method of determining this cost that does not suffer from these drawbacks. An empirical example is provided which demonstrates the proposed approach and contrasts it with commonly applied approaches.
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Tobacco growers disappointed with buyout
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Not a Good Time to be Selling Fur: Atlantic sealers
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