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Continuous harvesting costs in sole-owner fisheries with increasing marginal returns

Maroto, Jose M.; Moran, Manuel; Sandal, Leif Kristoffer; Steinshamn, Stein Ivar
Working paper
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dpfor2009-6.pdf (197.9Kb)
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http://hdl.handle.net/11250/163977
Utgivelsesdato
2009-09
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  • Discussion papers (FOR) [531]
Sammendrag
We develop a bioeconomic model to analyze a sole-owner fishery with fixed

costs as well as a continuous cost function for the generalized Cobb-Douglas

production function with increasing marginal returns to effort level. On the

basis of data from the North Sea herring fishery, we analyze the consequences

of the combined effects of increasing marginal returns and fixed costs. We

find that regardless of the magnitude of the fixed costs, cyclical policies can be

optimal instead of the optimal steady state equilibrium advocated in much of

the existing literature. We also show that the risk of stock collapse increases

significantly with increasing fixed costs as this implies higher period cycles

which is a quite counterintuitive result as higher costs usually are considered

to have a conservative effect on resources.
Utgiver
Norwegian School of Economics and Business Administration. Department of Finance and Management Science
Serie
Discussion paper
2009:6

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