Real options models arguably provide a useful framework for understanding individual fishermen's investment decisions, which play an important role in fisheries management issues ranging from capacity reduction to stock assessment. While these models appear to predict actual behavior reasonably well, one important difficulty in applying them is that the salvage...
Though long a standard technique in engineering and medical research, duration or survival analysis has
become common in economics only in recent decades, and in fisheries economics we are aware of only
one previous study. In this paper, we demonstrate the usefulness of duration analysis to understanding
fleet dynamics, specifically...
A major simplification in bioeconomic models is that the model parameters
and functional forms are assumed known. In fisheries, the failure to capture
model uncertainty can easily cause overconfidence in model outputs and
resultant policy recommendations. Although fisheries modelers regularly
assume rather complete knowledge of the systems they study, in...
In 2003, an industry-financed, government-administered buyback of trawl
fishing permits and vessels took place on the US West Coast, resulting in
the retirement of about one-third of the limited-entry trawl fleet. The lack
of cost data in this fishery precludes an analysis of how the buyback has
affected profitability, but...
When weak and strong fish stocks are caught in the same fishery, managing for the protection of the weak
stock may result in foregone economic benefits from harvest of the strong stock, while managing for the
strong stock may result in overfishing of the weak stock. A particular complication arises...