Munich Personal RePEc Archive

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

Koundouri, Phoebe and Laukkanen, Marita (2004): Stochastic Production in a Regulated Fishery:The Importance of Risk Considerations. Published in: Econometrics Informing Natural Resources Management Selected Empirical Analyses (2004)

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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.

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