The Dynamics of an Open Access Fishery

Trond Bjorndal and Jon M. Conrad

Canadian Journal of Economics, 1987, vol. 20, issue 1, 74-85

Abstract: A discrete-time, nonlinear, deterministic model for an open-access fishery is developed and the equilibrium is characterized. The open- access exploitation of North Sea herring during the period 1963-77 is analyzed. Alternative production functions are considered and estimated for the Norwegian purse seine fishery. The bionomic equilibrium and approach dynamics are presented when prices and costs are changing. The results indicate that the resource stock was saved from possible extinction by the closure of the fishery at the end of the 1977 season.

Date: 1987
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