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Incorporating Stochastic Harvests Into An Analysis Of Production: The U.S. Atlantic And Gulf Of Mexico Pelagic Longline Fleet

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  • Perruso, Larry
  • Taylor, Timothy G.
  • Larkin, Sherry L.

Abstract

Vessel operators maximize expected utility indirectly through cost-minimizing production decisions subject to stochastic harvests. Data on the Atlantic longline fleet, available from NMFS logbooks, is used for the empirical analysis. An ex ante multi-input cost function that incorporates expected rather than realized output levels is estimated and results are reported.

Suggested Citation

  • Perruso, Larry & Taylor, Timothy G. & Larkin, Sherry L., 2002. "Incorporating Stochastic Harvests Into An Analysis Of Production: The U.S. Atlantic And Gulf Of Mexico Pelagic Longline Fleet," 2002 Annual meeting, July 28-31, Long Beach, CA 19770, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea02:19770
    DOI: 10.22004/ag.econ.19770
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    References listed on IDEAS

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