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Full-Text Articles in Aquaculture and Fisheries
On Models Of Commercial Fishing, Vernon L. Smith
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 …