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Downward Adjustments in a Cyclical Environment: The Case of Chilean Pelagic Fisheries

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Author Info
Julio Peña-Torres(Georgetown University/Ilades), Sebastián Vergara(ECLAC), Michael Basch(University of Chile) () (Georgetown University/Ilades M.A. Program in Economics, Santiago, Chile)

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Abstract

This paper offers an empirical analysis of harvest functions for the two main Chilean pelagic fisheries, which are characterized by cyclical fish abundance. Two main results are obtained. First, we identify production-side effects that weaken the incentives to adjust towards lower fishing efforts: (i) increasing returns in the use of variable inputs are observed, which are strengthened by external economies associated to aggregate search effort for fish; and (ii) catch yields sensitive to changes in abundance, but where the strength of this effect decreases as abundance declines. Second, we confirm the empirical relevance of Translog harvest technologies. This contradicts a frequent practice in bio-economic models, i.e. considering harvest-input elasticities as being constant and independent from the scale of production. Classification-JEL codes: Q22, C33, L7

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Paper provided by Georgetown University, Department of Economics in its series Working Papers with number gueconwpa~04-04-12.

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Handle: RePEc:geo:guwopa:gueconwpa~04-04-12

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Related research
Keywords: Chilean pelagic fisheries; harvest functions; panel estimation; fishing cycles.;

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This paper has been announced in the following NEP Reports: This item is featured on the following reading lists:
  1. Socio-economics of Fisheries and Aquaculture
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  2. Trond Bjorndal & Jon M. Conrad, 1987. "The Dynamics of an Open Access Fishery," Canadian Journal of Economics, Canadian Economics Association, vol. 20(1), pages 74-85, February. [Downloadable!] (restricted)
  3. John Hartwick, 1979. "Free Access and the Dynamics of the Fishery," Working Papers 332, Queen's University, Department of Economics.
  4. Bjorndal, Trond, 1988. "The optimal management of North Sea Herring," Journal of Environmental Economics and Management, Elsevier, vol. 15(1), pages 9-29, March. [Downloadable!] (restricted)
  5. Hausman, Jerry A, 1978. "Specification Tests in Econometrics," Econometrica, Econometric Society, vol. 46(6), pages 1251-71, November. [Downloadable!] (restricted)
  6. Tracy R. Lewis & Richard Schmalensee, 1979. "Non-convexity and Optimal Harvesting Strategies for Renewable Resources," Canadian Journal of Economics, Canadian Economics Association, vol. 12(4), pages 677-91, November. [Downloadable!] (restricted)
  7. Davidson, Russell & MacKinnon, James G, 1981. "Several Tests for Model Specification in the Presence of Alternative Hypotheses," Econometrica, Econometric Society, vol. 49(3), pages 781-93, May. [Downloadable!] (restricted)
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  8. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May. [Downloadable!] (restricted)
  9. Beddington, John R & Watts, C M K & Wright, W D C, 1975. "Optimal Cropping of Self-Reproducible Natural Resources," Econometrica, Econometric Society, vol. 43(4), pages 789-802, July. [Downloadable!] (restricted)
  10. Hausman, Jerry A. & Taylor, William E., 1981. "Panel data and unobservable individual effects," Journal of Econometrics, Elsevier, vol. 16(1), pages 155-155, May. [Downloadable!] (restricted)
  11. Bhargava, A & Franzini, L & Narendranathan, W, 1982. "Serial Correlation and the Fixed Effects Model," Review of Economic Studies, Blackwell Publishing, vol. 49(4), pages 533-49, October. [Downloadable!] (restricted)
  12. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July. [Downloadable!] (restricted)
  13. Hausman, Jerry A & Taylor, William E, 1981. "Panel Data and Unobservable Individual Effects," Econometrica, Econometric Society, vol. 49(6), pages 1377-98, November. [Downloadable!] (restricted)
  14. Bjorndal, Trond, 1987. " Production Economics and Optimal Stock Size in a North Atlantic Fishery," Scandinavian Journal of Economics, Blackwell Publishing, vol. 89(2), pages 145-64.
  15. Baltagi, Badi H. & Boozer, Michael A., 1997. "Econometric Analysis of Panel Data," Econometric Theory, Cambridge University Press, vol. 13(05), pages 747-754, October. [Downloadable!]
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