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

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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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Date of creation: 12 Apr 2004
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Handle: RePEc:geo:guwopa:gueconwpa~04-04-12

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Postal: Georgetown University Department of Economics Washington, DC 20057-1036
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Web page: http://econ.georgetown.edu/

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Postal: Marcia Suss Administrative Officer Georgetown University Department of Economics Washington, DC 20057-1036
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Keywords: Chilean pelagic fisheries; harvest functions; panel estimation; fishing cycles.;

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  1. Hausman, Jerry A. & Taylor, William E., 1981. "Panel data and unobservable individual effects," Journal of Econometrics, Elsevier, vol. 16(1), pages 155-155, May.
  2. Bhargava, A & Franzini, L & Narendranathan, W, 1982. "Serial Correlation and the Fixed Effects Model," Review of Economic Studies, Wiley Blackwell, vol. 49(4), pages 533-49, October.
  3. J. A. Hausman, 1976. "Specification Tests in Econometrics," Working papers 185, Massachusetts Institute of Technology (MIT), Department of Economics.
  4. Anthony Scott, 1955. "The Fishery: The Objectives of Sole Ownership," Journal of Political Economy, University of Chicago Press, vol. 63, pages 116.
  5. Trond Bjørndal, 1989. "Production in a Schooling Fishery: The Case of the North Sea Herring Fishery," Land Economics, University of Wisconsin Press, vol. 65(1), pages 49-56.
  6. Boozer, Michael A., 1997. "Econometric Analysis of Panel Data Badi H. Baltagi Wiley, 1995," Econometric Theory, Cambridge University Press, vol. 13(05), pages 747-754, October.
  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.
  8. Bjorndal, Trond, 1988. "The optimal management of North Sea Herring," Journal of Environmental Economics and Management, Elsevier, vol. 15(1), pages 9-29, March.
  9. 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.
  10. Bjorndal, Trond, 1987. " Production Economics and Optimal Stock Size in a North Atlantic Fishery," Scandinavian Journal of Economics, Wiley Blackwell, vol. 89(2), pages 145-64.
  11. 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.
  12. Smith, Vernon L, 1971. "Economics of Production from Natural Resources: Reply," American Economic Review, American Economic Association, vol. 61(3), pages 488-91, June.
  13. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July.
  14. 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.
  15. John Hartwick, 1979. "Free Access and the Dynamics of the Fishery," Working Papers 332, Queen's University, Department of Economics.
  16. 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.
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  1. Socio-economics of Fisheries and Aquaculture

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