Adjustment Cost and Supply Response in a Fishery: A Dynamic Revenue Function
In industries where firms can adjust product mix in response to price changes, the process can be delayed by adjustment costs. An example is fishermen who change fishing grounds to target different species. If adjustment costs are sufficiently large, this may hamper the fishermen’s response so that regulatory tools that are not efficient in the long run are useful in the short run. Moreover, adjustment costs can influence the choice of species targeted. In this paper dynamic supply equations are specified using a revenue function approach. Different hypotheses about the dynamics of the supply equations are tested for Norwegian trawlers.
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.:
- Håkan Eggert & Ragnar Tveteras, 2004.
"Stochastic Production and Heterogeneous Risk Preferences: Commercial Fishers' Gear Choices,"
American Journal of Agricultural Economics,
Agricultural and Applied Economics Association, vol. 86(1), pages 199-212.
- Eggert, Håkan & Tveterås, Ragnar, 2001. "Stochastic Production and Heterogeneous Risk Preferences: Commercial Fishers’ Gear Choices," Working Papers in Economics 54, University of Gothenburg, Department of Economics.
- Eggert, Hakan & Tveteras, Ragnar, 2001. "Stochastic Production And Heterogeneous Risk Preferences: Commercial Fishers' Gear Choice," 2001 Annual meeting, August 5-8, Chicago, IL 20671, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Lau, Lawrence J., 1976. "A characterization of the normalized restricted profit function," Journal of Economic Theory, Elsevier, vol. 12(1), pages 131-163, February.
- Bernstein, Jeffrey I. & Nadiri, M. Ishaq, 1988.
"Research and Development and Intraindustry Spillovers: An Empirical Application of Dynamic Duality,"
88-06, C.V. Starr Center for Applied Economics, New York University.
- Jeffrey I. Bernstein & M. Ishaq Nadiri, 1989. "Research and Development and Intra-industry Spillovers: An Empirical Application of Dynamic Duality," Review of Economic Studies, Oxford University Press, vol. 56(2), pages 249-267.
- Jeffrey I. Bernstein & M. Ishaq Nadiri, 1986. "Research and Development and Intraindustry Spillovers: An Empirical Application of Dynamic Duality," NBER Working Papers 2002, National Bureau of Economic Research, Inc.
- Reziti, Ioanna & Ozanne, Adam, 1999. "Testing Regularity Properties in Static and Dynamic Duality Models: The Case of Greek Agriculture," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 26(4), pages 461-477, December.
- Frank Asche & Daniel V. Gordon & Carsten L. Jensen, 2007. "Individual Vessel Quotas and Increased Fishing Pressure on Unregulated Species," Land Economics, University of Wisconsin Press, vol. 83(1), pages 41-49.
- Epstein, Larry G & Denny, Michael G S, 1983. "The Multivariate Flexible Accelerator Model: Its Empirical Restrictions and an Application to U.S. Manufacturing," Econometrica, Econometric Society, vol. 51(3), pages 647-674, May.
- Gordon, Daniel V, 1989. "A Revenue-Function Approach to the Measurement of Output-Substitution Possibilities in Agriculture," Journal of Business & Economic Statistics, American Statistical Association, vol. 7(4), pages 483-487, October.
- Fuss, Melvyn & McFadden, Daniel, 1978. "Production Economics: A Dual Approach to Theory and Applications (I): The Theory of Production," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 1, number fuss1978.
- Daniel S. Hamermesh, 1993. "Labor Demand and the Source of Adjustment Costs," NBER Working Papers 4394, National Bureau of Economic Research, Inc.
- McLaren, Keith R & Cooper, Russel J, 1980. "Intertemporal Duality: Application to the Theory of the Firm," Econometrica, Econometric Society, vol. 48(7), pages 1755-1762, November.
- Berndt, Ernst R & Savin, N Eugene, 1975. "Estimation and Hypothesis Testing in Singular Equation Systems with Autoregressive Disturbances," Econometrica, Econometric Society, vol. 43(5-6), pages 937-957, Sept.-Nov.
- Squires, Dale & Campbell, Harry & Cunningham, Stephen & Dewees, Christopher & Grafton, R Quentin & Herrick, Samuel F & Kirkley, James & Pascoe, Sean & Salvanes, Kjell & Shallard, Bruce & Turris, Bruce, 1998. "Individual transferable quotas in multispecies fisheries," Marine Policy, Elsevier, vol. 22(2), pages 135-159, March.
When requesting a correction, please mention this item's handle: RePEc:uwp:landec:v:85:y:2009:i:1:p:201-215. 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: ()
If references are entirely missing, you can add them using this form.