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

production and then a two good market with labor costs. Quotas and taxes are
studied as two possible management measures to achieve social welfare
optimality. Lastly, maximum sustained yield conservation measures are found
to have little economic merit.
Plourde, Charles (1970). "A Simple Model of Replenishable Natural
Resource Exploitation." American Economic Review, 6:518-23.
This paper's purpose is to consider maximum sustained yield programs of
replenishable natural resource exploitation and to question the validity of
these programs in satisfying social goals.
Plourde, Charles (1979). "Diagrammatic Representations of the
Exploitation of Replenishable Natural Resources: Dynamic
Iterations." Journal of Environmental Economics and Management,
6:119-126.
Geometric representations of two dynamic models of replenishable natural
resource harvesting are provided. A well-known simple model is presented
where the only cost of production is the opportunity foregone. That is,
present consumption implies a reduction in future consumption possibilities.
Diagrams show the iterations of an optimal program. A four-quadrant diagram
is used to illustrate a short run equilibrium and the dynamics that will lead
to a long run solution on the bionomic transformation curve.
Plourde, Charles and Richard Bodell (1984). "Uncertainty in Fisheries
Economics: The Role of the Discount Rate." Marine Resource
Economics, 1(2):155-170.
Standard models of management of a single species fishery generally
assume that the biomass is of known size and that it is generated by a well
specified deterministic growth law. In reality the biomass is of uncertain
size and usually subject to random growth. Several authors have addressed the
problem of random growth assuming a known initial biomass and have shown that
lowering the planning discount rate proportional to the variance is an optimal
planning procedure assuming small perturbations. In this paper, we assume
that the growth function is nonrandom but dependent upon a biomass stock of
unknown size. We shall show that a planner should raise the discount rate
relative to the certainty equivalent case by an amount related to society's
distaste for risk to manage the biomass optimally over time. As is to be
expected, the optimal steady state biomass will be less than would occur in a
situation of certainty.
Plourde, Charles and J. Barry Smith (1989). "Crop Sharing in the
Fishery and Industry Equilibrium." Marine Resource Economics,
6(3):179-193.
This article presents a model of commercial fishing in a stochastic
environment that focuses on the labor-employment contract. In a partial
equilibrium context, the authors show that when boat owners and crew members
are risk averse, crop sharing is the optimal contract, and the resultant labor
employment level will be greater than with a suboptimal wage contract.
Industry effects and steady state resource growth limitations are introduced
into a market equilibrium model. In this extended model, market equilibria
will also involve sharing contracts. These will result in greater employment,
which comes at the expense of reduced resource stocks and higher than
necessary harvesting costs. The article also examines how industry regulation
such as licensing, quotas, and subsidies will differ if the prevailing
contract is corp sharing as compared with a wage. Despite the fact that crop
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