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)

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.

• Item Type: MPRA Paper
• Language: English
• Keywords: stochastic production; fishery; risk
• Subjects: D - Microeconomics > D2 - Production and Organizations > D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q2 - Renewable Resources and Conservation > Q22 - Fishery ; Aquaculture; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q2 - Renewable Resources and Conservation

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