Increasing Returns and Cycles in Fishing
AbstractWe 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 harves 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.
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Bibliographic InfoPaper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2000-57.
Date of creation: 2000
Date of revision:
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Web page: http://center.uvt.nl
Nonconvexities; adjustment costs; Hopf bifurcation; renewable resources;
Other versions of this item:
- Kort, P.M. & Liski, M. & Novak, A.J., 2001. "Increasing returns and cycles in fishing," Open Access publications from Tilburg University urn:nbn:nl:ui:12-86776, Tilburg University.
- M. Liski, P.M. Kort, A.J. Novak, 2001. "Increasing returns and cycles in fishing," Computing in Economics and Finance 2001 126, Society for Computational Economics.
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
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