INCORPORATING STOCHASTIC HARVESTS INTO AN ANALYSIS OF PRODUCTION: THE U.S. ATLANTIC AND GULF OF MEXICO PELAGIC LONGLINE FLEET
Timothy G. Taylor and
Sherry Larkin ()
No 19770, 2002 Annual meeting, July 28-31, Long Beach, CA from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)
Vessel operators maximize expected utility indirectly through cost-minimizing production decisions subject to stochastic harvests. Data on the Atlantic longline fleet, available from NMFS logbooks, is used for the empirical analysis. An ex ante multi-input cost function that incorporates expected rather than realized output levels is estimated and results are reported.
Keywords: Resource; /Energy; Economics; and; Policy (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea02:19770
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