Increasing returns and cycles in fishing
We 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 harvest 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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- Jorgensen, S. & Kort, P.M., 1997.
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Other publications TiSEM
a89318de-bf72-4b80-bfc2-e, Tilburg University, School of Economics and Management.
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- Rognvaldur Hannesson, 1975. "Fishery Dynamics: A North Atlantic Cod Fishery," Canadian Journal of Economics, Canadian Economics Association, vol. 8(2), pages 151-73, May.
- Liski, Matti, 2002. "Taxing average emissions to overcome the shutdown problem," Journal of Public Economics, Elsevier, vol. 85(3), pages 363-384, September.
- Trond Bjørndal & Jon M. Conrad & Kjell G. Salvanes, 1993. "Stock Size, Harvesting Costs, and the Potential for Extinction: The Case of Sealing," Land Economics, University of Wisconsin Press, vol. 69(2), pages 156-167.
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