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Bioeconomic Modeling of the Gulf Shrimp Fishery: An Application to Galveston Bay and Adjacent Offshore Areas

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  • Blomo, Vito
  • Stokes, Kenneth
  • Griffin, Wade
  • Grant, William
  • Nichols, John

Abstract

The concept of laissez-faire is widely recognized in capitalistic economies. At the core of this operating philosophy is the belief that individualistic competition will result in an economic improvement, not only for the individual but also for society. However, when this approach is tied to the exploitation of a common property resource, the outcome is just the opposite—in terms of economic efficiency the common property resource is overexploited because the factor cost to the firm does not equal the opportunity cost to society. That is, although a common property resource is a scarce good to society, it is a free good to individuals. The usual result is a level of exploitation which may endanger the future biological viability of the resource. With shrimp, however, this concern is not critical because shrimp is an annual crop; fishing will cease as a result of economic, and not biological, considerations.

Suggested Citation

  • Blomo, Vito & Stokes, Kenneth & Griffin, Wade & Grant, William & Nichols, John, 1978. "Bioeconomic Modeling of the Gulf Shrimp Fishery: An Application to Galveston Bay and Adjacent Offshore Areas," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 10(1), pages 119-125, July.
    • Handle: RePEc:cup:jagaec:v:10:y:1978:i:01:p:119-125_01
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    Cited by:

    1. Richard T. Woodward & Dhazn Gillig & Wade L. Griffin & Teofilo Ozuna, Jr., 2001. "The Welfare Impacts of Unanticipated Trip Limitations in Travel Cost Models," Land Economics, University of Wisconsin Press, vol. 77(3), pages 327-338.
    2. Sherry Larkin & Gil Sylvia, 2004. "Generating Enhanced Fishery Rents by Internalizing Product Quality Characteristics," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 28(1), pages 101-122, May.
    3. Wui, Yong-Suhk & Woodward, Richard T. & Griffin, Wade L., 2004. "Economic Efficiency Of Alternative Bycatch-Reduction Policies And Bycatch Reduction Devices," 2004 Annual meeting, August 1-4, Denver, CO 20063, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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