Optimal Harvest Licensing When Harvest Success Is Uncertain

Abul Maala Hussain () and John Tschirhart ()

American Journal of Agricultural Economics, 2010, vol. 92, issue 1, 125-140

Abstract: Optimal harvests using individual licenses are determined given that a licensee's probabilities of procuring a license and harvesting successfully are less than one. Probabilities are dependent on the resource stock and the number of licenses, and licensees benefit from the harvesting experience itself. Recreational fishing and hunting are applications. The optimum stock may be greater or less than the maximum sustained yield stock, and investing in more stock decreases licenses but increases licensees' success. The optima depend on whether the license agency views applicants as dedicated or social, where the latter are relatively more interested in procuring a license than in a successful harvest. Copyright 2010, Oxford University Press.

Date: 2010
References: Add references at CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://hdl.handle.net/10.1093/ajae/aap019 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:92:y:2010:i:1:p:125-140

Access Statistics for this article

American Journal of Agricultural Economics is currently edited by Madhu Khanna, Brian E. Roe, James Vercammen and JunJie Wu

More articles in American Journal of Agricultural Economics from Agricultural and Applied Economics Association Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ().