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Fisheries Management with Stock Growth Uncertainty and Costly Capital Adjustment

Listed author(s):
  • Singh, Rajesh
  • Weninger, Quinn
  • Doyle, Matthew

We develop a dynamic model of a fishery which simultaneously incorporates random stock growth and costly capital adjustment. Numerical techniques are used to solve for the resource-rent-maximizing harvest and capital investment policies. Capital rigidities bring diminishing marginal returns to the current period harvest, and introduce an incentive to smooth the catch over time. With density dependent stock growth, however, catch smoothing increases stock variability resulting in reduced average yields. The optimal management policy balances the catch smoothing benefits against yield loss. We calibrate the model to the Alaskan pacific halibut fishery to demonstrate the main insights.

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers Archive with number 12765.

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Date of creation: 01 Sep 2006
Publication status: Published in Journal of Environmental Economics and Management, September 2006, vol. 52 no. 2, pp. 582-599
Handle: RePEc:isu:genres:12765
Contact details of provider: Postal:
Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070

Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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  1. Quinn Weninger, 2000. "Buyback programs in commercial fisheries:efficiency versus transfers," Canadian Journal of Economics, Canadian Economics Association, vol. 33(2), pages 394-412, May.
  2. Sethi, Gautam & Costello, Christopher & Fisher, Anthony & Hanemann, Michael & Karp, Larry, 2005. "Fishery management under multiple uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 300-318, September.
  3. Berck, Peter & Perloff, Jeffrey M, 1984. "An Open-Access Fishery with Rational Expectations," Econometrica, Econometric Society, vol. 52(2), pages 489-506, March.
  4. 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.
  5. Christopher Costello & Stephen Polasky & Andrew Solow, 2001. "Renewable resource management with environmental prediction," Canadian Journal of Economics, Canadian Economics Association, vol. 34(1), pages 196-211, February.
  6. Kenneth L. Judd, 1998. "Numerical Methods in Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262100711.
  7. 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.
  8. Smith, Vernon L, 1969. "On Models of Commercial Fishing," Journal of Political Economy, University of Chicago Press, vol. 77(2), pages 181-198, March/Apr.
  9. Reed, William J., 1979. "Optimal escapement levels in stochastic and deterministic harvesting models," Journal of Environmental Economics and Management, Elsevier, vol. 6(4), pages 350-363, December.
  10. Clark, Colin W. & Kirkwood, Geoffrey P., 1986. "On uncertain renewable resource stocks: Optimal harvest policies and the value of stock surveys," Journal of Environmental Economics and Management, Elsevier, vol. 13(3), pages 235-244, September.
  11. Matulich, Scott C. & Mittelhammer, Ron C. & Reberte, Carlos, 1996. "Toward a More Complete Model of Individual Transferable Fishing Quotas: Implications of Incorporating the Processing Sector," Journal of Environmental Economics and Management, Elsevier, vol. 31(1), pages 112-128, July.
  12. Boyce John R., 1995. "Optimal Capital Accumulation in a Fishery: A Nonlinear Irreversible Investment Model," Journal of Environmental Economics and Management, Elsevier, vol. 28(3), pages 324-339, May.
  13. Robert S. Pindyck, 1984. "Uncertainty in the Theory of Renewable Resource Markets," Review of Economic Studies, Oxford University Press, vol. 51(2), pages 289-303.
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