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

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  • Koundouri, Phoebe
  • Laukkanen, Marita

Abstract

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.

Suggested Citation

  • Koundouri, Phoebe & Laukkanen, Marita, 2004. "Stochastic Production in a Regulated Fishery:The Importance of Risk Considerations," MPRA Paper 41912, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:41912
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    More about this item

    Keywords

    stochastic production; fishery; risk;
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation

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