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Chapman University

Economics Faculty Articles and Research

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1969

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Full-Text Articles in Social and Behavioral Sciences

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 …

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Taxes And Share Valuation In Competitive Markets, Vernon L. Smith Jan 1969

Taxes And Share Valuation In Competitive Markets, Vernon L. Smith

Economics Faculty Articles and Research

This paper extends the fundamental theorem of share (or capital) valuation under conditions of certainty and purely competitive markets, to allow for the distinction between capital gains and income in the taxation of personal income. The objective is to develop the theorem for the tax case in a form general enough to allow for corporations both currently and not currently paying a dividend. However, the general derivation is sufficiently tedious to warrant a presentation which begins with less general cases. Accordingly, we will first develop the share valuation equation for a continuous discount version of the taxless case for corporations …

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