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dc.contributor.authorPoudel, Diwakar
dc.contributor.authorSandal, Leif Kristoffer
dc.contributor.authorKvamsdal, Sturla Furunes
dc.contributor.authorSteinshamn, Stein Ivar
dc.date.accessioned2013-03-08T09:28:34Z
dc.date.available2013-03-08T09:28:34Z
dc.date.issued2011-11
dc.identifier.urihttp://hdl.handle.net/11250/164169
dc.description.abstractWe present a continuous, nonlinear, stochastic and dynamic model for capital investment in the exploitation of a renewable resource. Both the resource stock and capital stock are treated as state variables. The resource owner controls fishing effort and the investment rate in an optimal way. Biological stock growth and capital depreciation rate are stochastic in the model. We find that the stochastic resource should be managed conservatively. The capital utilization rate is found to be a non-increasing function of stochasticity. Investment could be either higher or lower depending on the interaction between the capital and the resource stocks. In general a stochastic capital depreciation rate has only weak influence on optimal management. In the long run, the steady state harvest for a stochastic resource becomes lower than the deterministic level.no_NO
dc.language.isoengno_NO
dc.publisherNorwegian School of Economics. Department of Finance and Management Scienceno_NO
dc.relation.ispartofseriesDiscussion paper;2011:20
dc.subjectphysical capitalno_NO
dc.subjectirreversible investmentno_NO
dc.subjectstochastic growthno_NO
dc.subjectlong-term sustainable optimalno_NO
dc.titleFisheries management under irreversible investment : does stochasticity matter?no_NO
dc.typeWorking paperno_NO
dc.subject.nsiVDP::Social science: 200::Economics: 210::Business: 213no_NO


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