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Optimal fisheries management and the response to price changes

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  • Nævdal, Eric

Abstract

The literature on how price changes affect optimally managed fisheries is mostly concerned with how fish stocks and harvest rates are affected in steady state. There is little published on how prices affect optimal harvest rates at stock levels outside of steady state. Here we show the effect of an unanticipated and permanent price increase. It is shown that in a model of a pure schooling fishery, if the stock is below the steady state, it is optimal to harvest less if the price goes up and vice versa. It is also shown that in a model with stock dependent harvest costs, the optimal response to a price increase is to reduce the harvest rate for low stock levels even if the optimal harvest rate increases close to the steady state. Empirical relevance is demonstrated by illustrating the theoretical results in an estimated model.

Suggested Citation

  • Nævdal, Eric, 2024. "Optimal fisheries management and the response to price changes," Resource and Energy Economics, Elsevier, vol. 79.
    • Handle: RePEc:eee:resene:v:79-80:y:2024:i::s092876552400037x
    DOI: 10.1016/j.reseneeco.2024.101461
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    More about this item

    Keywords

    Fisheries; renewable resources; resource management; optimal control; comparative dynamics;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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