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 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.
(This abstract was borrowed from another version of this item.)
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jorgensen, S. & Kort, P.M., 1997.
"Optimal investment and finance in renewable resource harvesting,"
Other publications TiSEM
a89318de-bf72-4b80-bfc2-e, Tilburg University, School of Economics and Management.
- Jorgensen, Steffen & Kort, Peter M., 1997. "Optimal investment and finance in renewable resource harvesting," Journal of Economic Dynamics and Control, Elsevier, vol. 21(2-3), pages 603-630.
- Clark, Colin W & Clarke, Frank H & Munro, Gordon R, 1979. "The Optimal Exploitation of Renewable Resource Stocks: Problems of Irreversible Investment," Econometrica, Econometric Society, vol. 47(1), pages 25-47, January.
- Jørgensen, S. & Kort, P.M., 1990.
"Optimal dynamic investment policies under concave-convex adjustment costs,"
FEW 421, Tilburg University, School of Economics and Management.
- Jorgensen, Steffen & Kort, Peter M., 1993. "Optimal dynamic investment policies under concave-convex adjustment costs," Journal of Economic Dynamics and Control, Elsevier, vol. 17(1-2), pages 153-180.
- Kort, P.M. & Jorgensen, S., 1993. "Optimal dynamic investment policies under concave-convex adjustment costs," Other publications TiSEM ae6c140b-39b8-4451-8798-f, Tilburg University, School of Economics and Management.
- 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 677-691, November.
- Feichtinger, Gustav & Novak, Andreas & Wirl, Franz, 1994. "Limit cycles in intertemporal adjustment models : Theory and applications," Journal of Economic Dynamics and Control, Elsevier, vol. 18(2), pages 353-380, March.
- Russell Davidson & Richard Harris, 1981. "Non-Convexities in Continuous Time Investment Theory," Review of Economic Studies, Oxford University Press, vol. 48(2), pages 235-253.
- 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.
- Dawid, Herbert & Kopel, Michael, 1997. "On the Economically Optimal Exploitation of a Renewable Resource: The Case of a Convex Environment and a Convex Return Function," Journal of Economic Theory, Elsevier, vol. 76(2), pages 272-297, October.
- Wirl Franz, 1995. "The Cyclical Exploitation of Renewable Resource Stocks May Be Optimal," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 252-261, September.
- Rognvaldur Hannesson, 1975. "Fishery Dynamics: A North Atlantic Cod Fishery," Canadian Journal of Economics, Canadian Economics Association, vol. 8(2), pages 151-173, May.
When requesting a correction, please mention this item's handle: RePEc:eee:resene:v:23:y:2001:i:3:p:241-258. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.