This paper investigates the welfare effects of random closures in a fishery
operating under open access. At each point in time, a fishery is facing the
probability of an extreme event that impairs fishing activities but has no
direct impact on the fish population. Examples include massive blooms of
dinoflagellates...
The coastal ecosystem of the Pearl River Estuary (PRE) has been overfished and received a high level of
combined pollution in the past decades. The fisheries stock assessments have shown a declining
population and have led to a number of management measures, including fishing moratorium. This study
evaluated the effect...