Economic performance of different fleet segments varies considerably from year to year, with some segments experiencing increased profitability while others experience decreased profitability. This variation is generally considered to be a consequence of the stochasticity in the industry. However, there is growing evidence that fisheries may not be as stochastic as generally thought. In this paper, a spatial bioeconomic model is developed of a multi-species multi-gear fishery, which assumes individual profit maximising behaviour. It is shown that inter-annual variations in profits are a function of the spatial behaviour of the fishers, which tends to vary chaotically over time.
Keywords: Economic performance, chaos, bioeconomic model, spatial model
Pascoe, S. and D. Whitmarsh. Economic Performance of Fishers: Stochastic or Chaotic? In: Microbehavior and Macroresults: Proceedings of the Tenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 10-14, 2000, Corvallis, Oregon, USA. Compiled by Richard S. Johnston and Ann L. Shriver. International Institute of Fisheries Economics and Trade (IIFET), Corvallis, 2001.