haku: @indexterm fishing / yhteensä: 44
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| Tekijä: | Nostbakken, L. |
| Otsikko: | Regime switching in a fishery with stochastic stcok and price |
| Lehti: | Journal of Environmental Economics and Management
2006 : MAR, VOL. 51:2, p. 231-241 |
| Asiasana: | fishing prices stocks switching costs |
| Kieli: | eng |
| Tiivistelmä: | This paper presents a bioeconomic model of a fishery subject to stock uncertainty. With a linear control model, the optimal harvest policy is a bang-bang approach to the optimal stock level, where one harvests either at minimum or full capacity. It is assumed that changing the harvest rate is subject to a switching cost. In this case it is found that there are two switching curves in stock-price space, one for entering and one for leaving the fishery. The authors use numerical methods to characterise the optimal switching policy for the fishery. |
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