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Sunk Costs Equal Sunk Boats? Entry Costs in a Sequential Fishery

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Abstract
  • When climate change alters the distribution of fish stocks, stocks that were previously owned by a single country can suddenly become shared between countries. Current models predict that in such cases, if no agreement on management is formed, stocks may be severely depleted. A similar problem arises when a new member to an international fishing agreement emerges. However such models ignore the strategic importance of sunk costs. Countries moving into new fisheries will typically have to incur sunk costs to invest in a new fleet, or to retrofit an existing fleet. I develop a dynamic discrete time game to show the important consequences of these sunk costs.
  • Proceedings of the Eighteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, held July 11-15, 2016 at Aberdeen Exhibition and Conference Center (AECC), Aberdeen, Scotland, UK.
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Citation
  • Challenging New Frontiers in the Global Seafood Sector: Proceedings of the Eighteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 11-15, 2016. Compiled by Stefani J. Evers and Ann L. Shriver. International Institute of Fisheries Economics and Trade (IIFET), Corvallis, 2016.
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Conference Location
  • Aberdeen, Scotland, UK
Subject
Dichiarazione dei diritti
Peer Reviewed
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ISBN
  • 0976343290

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