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Economics Faculty Articles and Research

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On Models Of Commercial Fishing: The Traditional Literature Needs No Defenders, Vernon L. Smith Jan 1972

On Models Of Commercial Fishing: The Traditional Literature Needs No Defenders, Vernon L. Smith

Economics Faculty Articles and Research

Examines the models of commercial fishing. Representation of the variable K as a measure of crowding externality in the cost function; Change of the degree of fishing pressure without changing the variable K; Modification of the output of firms by varying the inputs.


On Models Of Commercial Fishing, Vernon L. Smith Jan 1969

On Models Of Commercial Fishing, Vernon L. Smith

Economics Faculty Articles and Research

Commercial fishing is characterized by three key economic and technological features that are relevant to the formulation of an economic theory of fish production. 1. A fishery resource, although conceivably exhaustible, is replenishable; that is, it is subject to laws of natural growth which define an environmental biotechnological constraint on the activities of the fishing industry. 2. The resource and the activity of production from it form a stock-flow relationship. The new growth in the population fish mass depends upon the harvest rate relative to natural recruitment to the stock. If the harvest rate exceeds the recruitment rate, the stock ...