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Incorporating Stochastic Harvests Into An Analysis Of Production: The U.S. Atlantic And Gulf Of Mexico Pelagic Longline Fleet

  • Perruso, Larry
  • Taylor, Timothy G.
  • Larkin, Sherry L.

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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File URL: http://purl.umn.edu/19770
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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2002 Annual meeting, July 28-31, Long Beach, CA with number 19770.

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Date of creation: 2002
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Handle: RePEc:ags:aaea02:19770
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  1. Dale Squires & James Kirkley, 1996. "Individual Transferable Quotes in a Multiproduct Common Property Industry," Canadian Journal of Economics, Canadian Economics Association, vol. 29(2), pages 318-42, May.
  2. Dale Squires, 1987. "Public Regulation and the Structure of Production in Multiproduct Industries: An Application to the New England Otter Trawl Industry," RAND Journal of Economics, The RAND Corporation, vol. 18(2), pages 232-247, Summer.
  3. Pope, Rulon D. & Just, Richard E., 1996. "Empirical implementation of ex ante cost functions," Journal of Econometrics, Elsevier, vol. 72(1-2), pages 231-249.
  4. Squires, Dale, 1987. "Fishing effort: Its testing, specification, and internal structure in fisheries economics and management," Journal of Environmental Economics and Management, Elsevier, vol. 14(3), pages 268-282, September.
  5. Squires, Dale & Kirkley, James, 1991. "Production quota in multiproduct pacific fisheries," Journal of Environmental Economics and Management, Elsevier, vol. 21(2), pages 109-126, September.
  6. Dupont, Diane P., 1990. "Rent dissipation in restricted access fisheries," Journal of Environmental Economics and Management, Elsevier, vol. 19(1), pages 26-44, July.
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