Increasing returns and cycles in fishing
We consider optimal fishery management under the assumption of increasing returns that is supported by previous empirical evidence. We improve the tractability and realism of the previous approaches by introducing flow adjustment costs on changes in harvest rate. Our framework is the first to provide a link between stable limit cycle policies and increasing returns in harvesting. The type of the harvest policy depends on flow adjustment costs: for relatively costly adjustments the usual steady state harvest policy is conceivable, whereas for relatively cheap adjustments the harvest policy is cyclical. We also show a connection between chattering control policies and limit cycles, which helps us to develop a clear economic meaning for cyclical harvesting.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|Date of creation:||01 Apr 2001|
|Contact details of provider:|| Web page: http://www.econometricsociety.org/conference/SCE2001/SCE2001.html|
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jørgensen, S. & Kort, P.M., 1990.
"Optimal dynamic investment policies under concave-convex adjustment costs,"
FEW 421, Tilburg University, School of Economics and Management.
- Jorgensen, Steffen & Kort, Peter M., 1993. "Optimal dynamic investment policies under concave-convex adjustment costs," Journal of Economic Dynamics and Control, Elsevier, vol. 17(1-2), pages 153-180.
- Kort, P.M. & Jorgensen, S., 1993. "Optimal dynamic investment policies under concave-convex adjustment costs," Other publications TiSEM ae6c140b-39b8-4451-8798-f, Tilburg University, School of Economics and Management.
- Russell Davidson & Richard Harris, 1981. "Non-Convexities in Continuous Time Investment Theory," Review of Economic Studies, Oxford University Press, vol. 48(2), pages 235-253.
- Trond Bjørndal & Jon M. Conrad & Kjell G. Salvanes, 1993. "Stock Size, Harvesting Costs, and the Potential for Extinction: The Case of Sealing," Land Economics, University of Wisconsin Press, vol. 69(2), pages 156-167.
- 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.
- Wirl Franz, 1995. "The Cyclical Exploitation of Renewable Resource Stocks May Be Optimal," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 252-261, September.
- Tracy R. Lewis & Richard Schmalensee, 1979. "Non-convexity and Optimal Harvesting Strategies for Renewable Resources," Canadian Journal of Economics, Canadian Economics Association, vol. 12(4), pages 677-691, November.
- Liski, Matti, 2002. "Taxing average emissions to overcome the shutdown problem," Journal of Public Economics, Elsevier, vol. 85(3), pages 363-384, September.
- Dawid, Herbert & Kopel, Michael, 1997. "On the Economically Optimal Exploitation of a Renewable Resource: The Case of a Convex Environment and a Convex Return Function," Journal of Economic Theory, Elsevier, vol. 76(2), pages 272-297, October.
- Jorgensen, S. & Kort, P.M., 1997.
"Optimal investment and finance in renewable resource harvesting,"
Other publications TiSEM
a89318de-bf72-4b80-bfc2-e, Tilburg University, School of Economics and Management.
- Jorgensen, Steffen & Kort, Peter M., 1997. "Optimal investment and finance in renewable resource harvesting," Journal of Economic Dynamics and Control, Elsevier, vol. 21(2-3), pages 603-630.
- Feichtinger, Gustav & Novak, Andreas & Wirl, Franz, 1994. "Limit cycles in intertemporal adjustment models : Theory and applications," Journal of Economic Dynamics and Control, Elsevier, vol. 18(2), pages 353-380, March.
- Rognvaldur Hannesson, 1975. "Fishery Dynamics: A North Atlantic Cod Fishery," Canadian Journal of Economics, Canadian Economics Association, vol. 8(2), pages 151-173, May.
When requesting a correction, please mention this item's handle: RePEc:sce:scecf1:126. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christopher F. Baum)
If references are entirely missing, you can add them using this form.