Increasing returns and cycles in fishing

M. Liski, P.M. Kort, A.J. Novak
Authors registered in the RePEc Author Service: Peter Kort and Matti Liski ()

No 126, Computing in Economics and Finance 2001 from Society for Computational Economics

Abstract: We consider optimal fishery management under the assumption of increasing returns that is supported by previous empirical evidence. We improve the tractability and realism of the previous approaches by introducing flow adjustment costs on changes in harvest rate. Our framework is the first to provide a link between stable limit cycle policies and increasing returns in harvesting. The type of the harvest policy depends on flow adjustment costs: for relatively costly adjustments the usual steady state harvest policy is conceivable, whereas for relatively cheap adjustments the harvest policy is cyclical. We also show a connection between chattering control policies and limit cycles, which helps us to develop a clear economic meaning for cyclical harvesting.

Keywords: non-convexities; adjustment costs; Hopf bifurcation; Renewable resources (search for similar items in EconPapers)
JEL-codes: C61 C62 (search for similar items in EconPapers)
Date: 2001-04-01
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Citations: View citations in EconPapers (16)

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Related works:
Journal Article: Increasing returns and cycles in fishing (2001)
Working Paper: Increasing returns and cycles in fishing (2001)
Working Paper: Increasing Returns and Cycles in Fishing (2000)
Working Paper: Increasing Returns and Cycles in Fishing (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:sce:scecf1:126

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