Fisheries management with stock growth uncertainty and costly capital adjustment
Quinn Weninger () and
Matthew Doyle ()
ISU General Staff Papers from Iowa State University, Department of Economics
We develop a dynamic model of a fishery which simultaneously incorporates random stock growth and costly capital adjustment. Numerical techniques are used to solve for the resource-rent-maximizing harvest and capital investment policies. Capital rigidities bring diminishing marginal returns to the current period harvest, and introduce an incentive to smooth the catch over time. With density-dependent stock growth, however, catch smoothing increases stock variability resulting in reduced average yields. The optimal management policy balances the catch smoothing benefits against yield loss. We calibrate the model to the Alaskan pacific halibut fishery to demonstrate the main insights.
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (37) Track citations by RSS feed
Downloads: (external link)
http://lib.dr.iastate.edu/cgi/viewcontent.cgi?arti ... on_las_workingpapers
Journal Article: Fisheries management with stock growth uncertainty and costly capital adjustment (2006)
Working Paper: Fisheries Management with Stock Growth Uncertainty and Costly Capital Adjustment (2006)
Working Paper: Fisheries Management with Stock Growth Uncertainty and Costly Capital Adjustment (2005)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:isu:genstf:200601010800001254
Access Statistics for this paper
More papers in ISU General Staff Papers from Iowa State University, Department of Economics Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070. Contact information at EDIRC.
Bibliographic data for series maintained by Curtis Balmer ().