Incorporating Stochastic Harvests Into An Analysis Of Production: The U.S. Atlantic And Gulf Of Mexico Pelagic Longline Fleet
Vessel operators maximize expected utility indirectly through cost-minimizing production decisions subject to stochastic harvests. Data on the Atlantic longline fleet, available from NMFS logbooks, is used for the empirical analysis. An ex ante multi-input cost function that incorporates expected rather than realized output levels is estimated and results are reported.
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