This paper develops a single-season dynamic game between fishermen and regulators. Fishermen maximize the NPV of profits by their location choice in a system with congestion, adjustment costs, and adaptive, quota-driven, site closures. Simulation results reveal feedbacks between site-choice and closure decisions and suggest the usefulness of spatial policy instruments in reducing congestion externalities and costly congestion-averting expenditures.
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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2004 Annual meeting, August 1-4, Denver, CO with number
20383.
Length: Date of creation: 2004 Date of revision: Handle: RePEc:ags:aaea04:20383
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