Abstract
Harvesting of fish is subject to considerable technological uncertainty due to the constant migration of fish populations and the difficulties involved in locating the stock of fish. Even with the sophisticated search procedures employed in commercial fishing, the potential yield remains a random variable, ie the yield-effort relationship is stochastic. The optimal regulation of a fishery subject to harvest uncertainty is considered. The unregulated free access fishery and socially optimal fishery are studied in turn.-from Authors
| Original language | English (US) |
|---|---|
| Pages (from-to) | 731-746 |
| Number of pages | 16 |
| Journal | International Economic Review |
| Volume | 26 |
| Issue number | 3 |
| DOIs | |
| State | Published - 1985 |
ASJC Scopus subject areas
- Economics and Econometrics