dc.contributor.author | Poudel, Diwakar | |
dc.contributor.author | Sandal, Leif Kristoffer | |
dc.contributor.author | Kvamsdal, Sturla Furunes | |
dc.contributor.author | Steinshamn, Stein Ivar | |
dc.date.accessioned | 2013-03-08T09:28:34Z | |
dc.date.available | 2013-03-08T09:28:34Z | |
dc.date.issued | 2011-11 | |
dc.identifier.uri | http://hdl.handle.net/11250/164169 | |
dc.description.abstract | We 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.iso | eng | no_NO |
dc.publisher | Norwegian School of Economics. Department of Finance and Management Science | no_NO |
dc.relation.ispartofseries | Discussion paper;2011:20 | |
dc.subject | physical capital | no_NO |
dc.subject | irreversible investment | no_NO |
dc.subject | stochastic growth | no_NO |
dc.subject | long-term sustainable optimal | no_NO |
dc.title | Fisheries management under irreversible investment : does stochasticity matter? | no_NO |
dc.type | Working paper | no_NO |
dc.subject.nsi | VDP::Social science: 200::Economics: 210::Business: 213 | no_NO |