haku: @indexterm Fishing industry / yhteensä: 119
viite: 11 / 119
| Tekijä: | Singh, R. Weninger, Q. Doyle, M. |
| Otsikko: | Fisheries management with stock growth uncertainty and costly capital adjustment |
| Lehti: | Journal of Environmental Economics and Management
2006 : SEP, VOL. 52:2, p. 582-599 |
| Asiasana: | fishing industry growth stocks |
| Kieli: | eng |
| Tiivistelmä: | 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. |
SCIMA