Fisheries management with stock growth uncertainty and costly capital adjustment

dc.contributor.author Singh, Rajesh
dc.contributor.author Weninger, Quinn
dc.contributor.author Doyle, Matthew
dc.contributor.department Economics
dc.date 2018-02-17T21:29:14.000
dc.date.accessioned 2020-06-30T02:09:19Z
dc.date.available 2020-06-30T02:09:19Z
dc.date.copyright Sun Jan 01 00:00:00 UTC 2006
dc.date.issued 2006-01-01
dc.description.abstract <p>We develop a dynamic model of a fishery which simultaneously incorporates random stock growth and costly capital adjustment. Numerical techniques are used to solve for the resource-rent-maximizing harvest and capital investment policies. Capital rigidities bring diminishing marginal returns to the current period harvest, and introduce an incentive to smooth the catch over time. With density-dependent stock growth, however, catch smoothing increases stock variability resulting in reduced average yields. The optimal management policy balances the catch smoothing benefits against yield loss. We calibrate the model to the Alaskan pacific halibut fishery to demonstrate the main insights.</p>
dc.description.comments <p>NOTICE: this is the author’s version of a work that was accepted for publication in Journal of Environmental Economics and Management. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of Environmental Economics and Management, [52, 2, (2006)] DOI: <a href="http://dx.doi.org/10.1016/j.jeem.2006.02.006" id="x-x-ddDoi">10.1016/j.jeem.2006.02.006</a></p>
dc.format.mimetype application/pdf
dc.identifier archive/lib.dr.iastate.edu/econ_las_pubs/93/
dc.identifier.articleid 1092
dc.identifier.contextkey 9006068
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath econ_las_pubs/93
dc.identifier.uri https://dr.lib.iastate.edu/handle/20.500.12876/21959
dc.language.iso en
dc.source.bitstream archive/lib.dr.iastate.edu/econ_las_pubs/93/2006_Weninger_FisheriesManagement.pdf|||Sat Jan 15 02:31:09 UTC 2022
dc.source.uri http://lib.dr.iastate.edu/cgi/viewcontent.cgi?article=1254&context=econ_las_workingpapers
dc.subject.disciplines Agricultural and Resource Economics
dc.subject.disciplines Aquaculture and Fisheries
dc.subject.disciplines Other Economics
dc.subject.keywords stochastic growth
dc.subject.keywords costly capital adjustment
dc.subject.keywords pacific hailbut fishery
dc.title Fisheries management with stock growth uncertainty and costly capital adjustment
dc.type article
dc.type.genre article
dspace.entity.type Publication
relation.isOrgUnitOfPublication 4c5aa914-a84a-4951-ab5f-3f60f4b65b3d
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