search query: @author Singh, R. / total: 12
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| Author: | Singh, R. Weninger, Q. Doyle, M. |
| Title: | Fisheries management with stock growth uncertainty and costly capital adjustment |
| Journal: | Journal of Environmental Economics and Management
2006 : SEP, VOL. 52:2, p. 582-599 |
| Index terms: | fishing industry growth stocks |
| Language: | eng |
| Abstract: | This paper presents 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 returms to the current period harvest, and introduce an incentive to smooth the catch over time. With density-dependent stock growth, nevertheless, catch smoothing increases stock variability resulting in reduced average yields. The optimal management policy balances the catch smoothing benefits against yield loss. |
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