annotated bibliography of fisheries economics literature - Office of ...

curve," costs of adjustment, and dynamic adjustment of demand. An analogous
index of monopsony power applicable to dynamic markets is also suggested.
Pindyck, Robert S. (1984). "Uncertainty in the Theory of Renewable
Resource Markets." Review of Economic Studies, 51:289-303.
The natural growth rate of most renewable resource stocks is in part
stochastic. This paper examines the implications of such ecological
uncertainty for competitive equilibrium in a market with property rights. We
show that stochastic fluctuations add a risk premium to the rate of return
required to keep a unit of stock in situ, and we examine the effects of
fluctuations on resource rent. Examples are used to show that extraction can
increase, decrease, or be left unchanged as the variance of the fluctuations
increases, depending of the extent of market "self-correction". Regulatory
implications are also discussed.
Placenti, Vincenzo, Gianfranco Rizzo, and Massimo Spagnolo (1995). Bio-
Economic Fishing Effort Optimization in Mediterranean Fisheries. In,
Bio-Economic Modelling in the EU, Concerted Action Coordination of
Research in Fishery Economics, Working Document Nr: 7,(AIR CT94 1489),
Workshop, Edinburgh, October: 68-91.
The objective is the development of a bioeconomic model for optimal
management of fishing effort in some regions of the Mediterranean area. A
catch-effort model, specifically built for multispecies and multi-gear
fisheries, has been developed using time series data of catch and fishing
effort. The three catch-effort models have been tested on three homogeneous
sets of data for Italian, Spanish, and French fisheries using logistic and
biological models. In the Italian and Spanish cases, both logistic dynamic
exponential models and biological Schnute model exhibit satisfactory
capabilities in describing catch and effort data, while Schaefer model
represents larger errors with respect to the previous applications to the
Italian fishery. In the French case, the best results have been obtained by
the exponential model, while the Schaefer model failed in some species-areas
combinations. Cost and revenues are evaluated by an economic submodel. The
proposed optimal distributions of fishing effort, obtained by solving a
nonlinear constrained optimization problem by numerical techniques, show that
it is possible to achieve relevant benefits on both economic and biological
sites adopting articulate but realistic strategies for fishing effort
reduction and redistribution.
Plan Development Team (1990). "The Potential of Marine Fishery Reserves
for Reef Fish Management in the U.S. Southern Atlantic." NOAA
Technical Memorandum NMFS-SEFC-261, 40 pp.
Marine fishery reserves (MFRs), areas with no consumptive usage, are
recommended as a viable option for management of reef fisheries in the U.S.
southern Atlantic region. MFRs are designed to protect reef fish stocks and
habitat from all consumptive exploitation within specified geographical areas
for the primary purpose of ensuring the persistence of reef fish stocks and
fisheries. Fishery reserves are intended to protect older and larger fishes.
This will benefit reef fisheries by protecting critical spawning stock
biomass, intra-specific genetic diversity, population age structure,
recruitment supply, and ecosystem balance while maintaining reef fish
fisheries. The MFR concept is easily understandable by the general public and
possibly more easily accepted than some other management strategies. Fishery
reserves provide some insurance against management and recruitment failures,
simplify enforcement, and have equitable impact among fishery users. Data
collection needs solely for management are reduced and management occurs
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