A nonlinear two-state variable, two-control variable model of a fishery with irreversible investment and harvest capacity constraints is examined. The model relaxes assumptions of linearity in investment costs and variable harvest profits in an earlier model by C. W. Clark, F. H. Clarke, and G. R. Munro ( Econometrica , 47 , 25-47, 1979. In both the linear and nonlinear models, the optimal capital accumulation paths in new fisheries is characterized by a period in which the physical capital stock level exceeds its long-run sustainable equilibrium. However, unlike the linear model, periods of positive net (but declining gross) investment are optimal in the nonlinear model. This accords with observed capital accumulation paths from a number of fisheries. The paper also finds different effects in optimal harvest policy depending upon whether the linearity appears in the variable profits function or the investment cost function.
Journal of Environmental Economics and Management – Elsevier
Published: May 1, 1995
It’s your single place to instantly
discover and read the research
that matters to you.
Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.
All for just $49/month
Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly
Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.
Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.
Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.
All the latest content is available, no embargo periods.
“Hi guys, I cannot tell you how much I love this resource. Incredible. I really believe you've hit the nail on the head with this site in regards to solving the research-purchase issue.”Daniel C.
“Whoa! It’s like Spotify but for academic articles.”@Phil_Robichaud
“I must say, @deepdyve is a fabulous solution to the independent researcher's problem of #access to #information.”@deepthiw
“My last article couldn't be possible without the platform @deepdyve that makes journal papers cheaper.”@JoseServera