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A Lecture Note on the Economics of Fish Stock Investment

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  • The aim of this paper is to assist teaching undergraduate students how to analyse the issue of fish stock investment. The mathematical prerequisites are a basic knowledge of calculus. Both discrete and continuos time frameworks are used. To fish down or to build up a fish stock takes time, and time is money for enterprises and consumers. The concept of discounting is introduced and we analyse how a positive discount rate affects the optimal long run stock level and harvest, as well as the fishery in transition. At any point in time the resource manager has a choice between depleting, rebuilding and equilibrium harvesting of the fish stock. These options imply that harvest has to be either above, below or equal to the natural growth of the stock. To assure profitability of an investment in a fish stock the present value of postponing harvest has to be greater than the value of immediate harvest. The Clark-Munro (1975) rule is derived without use of control theory and the long-run solution of the stock level is presented and discussed graphically. In addition to the bang-bang transition, adjusted transition paths are discussed by use of material from FAO (1995) and OECD (2000).
  • Keywords: Clark-Munro rule, Fisheries Economics, fisheries transition, Theoretical and Empirical Bio-Economic Modelling, discounting, Fisheries investment
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  • Flaaten, Ola. 2002. A Lecture Note on the Economics of Fish Stock Investment. In: Proceedings of the Eleventh Biennial Conference of the International Institute of Fisheries Economics and Trade, August 19-22, 2002, Wellington, New Zealand: Fisheries in the Global Economy. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2002. CD ROM.
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