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Stochastic Production in a Regulated Fishery:The Importance of Risk Considerations

  • Phoebe Koundouri
  • Marita Laukkanen

In this paper we address the implications of production risk for controlling fishing effort in a regulated fishery in a framework where fishers maximize expected utility of profit. We focus on controlling effort through season closures that limit the number of days the fishery is open to harvest each year.

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Paper provided by Athens University of Economics and Business in its series DEOS Working Papers with number 0403.

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Publication status: Published in Econometrics Informing Natural Resources Management Selected Empirical Analyses
Handle: RePEc:aue:wpaper:0403
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  1. H. F. Campbell & R. K. Lindner, 1990. "The Production of Fishing Effort and the Economic Performance of Licence Limitation Programs," Land Economics, University of Wisconsin Press, vol. 66(1), pages 56-66.
  2. Subal C. Kumbhakar, 2002. "Risk preference and productivity measurement under output price uncertainty," Empirical Economics, Springer, vol. 27(3), pages 461-472.
  3. Subal C. Kumbhakar, 2002. "Specification and Estimation of Production Risk, Risk Preferences and Technical Efficiency," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 84(1), pages 8-22.
  4. Sean Pascoe & Catherine Robinson, 1998. "Input Controls, Input Substitution and Profit Maximisation in the English Channel Beam Trawl Fishery," Journal of Agricultural Economics, Wiley Blackwell, vol. 49(1), pages 16-33.
  5. Bardhan, Pranab K., 1977. "Variations in forms of tenancy in a peasant economy," Journal of Development Economics, Elsevier, vol. 4(2), pages 105-118, June.
  6. Joseph E. Stiglitz, 1973. "Incentives and Risk-Sharing in Sharecropping," Cowles Foundation Discussion Papers 353, Cowles Foundation for Research in Economics, Yale University.
  7. 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.
  8. McKelvey, Robert, 1985. "Decentralized regulation of a common property renewable resource industry with irreversible investment," Journal of Environmental Economics and Management, Elsevier, vol. 12(4), pages 287-307, December.
  9. Homans, Frances R. & Wilen, James E., 1997. "A Model of Regulated Open Access Resource Use," Journal of Environmental Economics and Management, Elsevier, vol. 32(1), pages 1-21, January.
  10. Subal C. Kumbhakar & Ragnar Tveter´┐Żs, 2003. "Risk Preferences, Production Risk and Firm Heterogeneity," Scandinavian Journal of Economics, Wiley Blackwell, vol. 105(2), pages 275-293, 06.
  11. Batra, Raveendra N., 1974. "Resource allocation in a general equilibrium model of production under uncertainty," Journal of Economic Theory, Elsevier, vol. 8(1), pages 50-63, May.
  12. Grafton, R.Q. & Squires, D. & Fox, K.J., 1998. "Private Property and Economic Efficiency: A Study of a Common-Pool Resource," Working Papers 9804e, University of Ottawa, Department of Economics.
  13. Just, Richard E. & Pope, Rulon D., 1978. "Stochastic specification of production functions and economic implications," Journal of Econometrics, Elsevier, vol. 7(1), pages 67-86, February.
  14. 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.
  15. Anthony Scott, 1955. "The Fishery: The Objectives of Sole Ownership," Journal of Political Economy, University of Chicago Press, vol. 63, pages 116.
  16. Phoebe Koundouri & Trond Bjorndal & Sean Pascoe, 2004. "Output Substitution in Multi-Species Trawl Fisheries: Implications for Quota Setting," Working Papers 2004.30, Fondazione Eni Enrico Mattei.
  17. H. Alan Love & Steven T. Buccola, 1999. "Joint Risk Preference-Technology Estimation with a Primal System: Reply," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(1), pages 245-247.
  18. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124.
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