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

Investment in Gulf Shrimp Fishing Vessels." Technical Article No.
TA-20803, Texas Agricultural Experiment Station, Department of
Agricultural Economics, Texas A&M University, College Station, 18
pp.
An econometric model of annual real net investment in fishing vessels in
the Gulf is developed to determine how the cost of equity and debt capital as
well as other factors affect investment decisions in this industry. The cost
of capital plays an important role in influencing investment decisions in the
Gulf shrimp fishing industry. High real interest rates were found to depress
real net investment in this fishery. Investment responses to changes in
macroeconomic policy are greatest for steel vessels because steel vessels
contribute the most to the productivity of the Gulf shrimp fishery. Finally,
while low real interest rates are desirable for stimulating investment
activities in the general economy, they would add to the overcapitalization
problem that currently exists in the Gulf shrimp fishing industry. This
suggests that expansionary policies designed to boost the growth of the
general economy may actually lead to undesirable results for the Gulf shrimp
fishing industry.
Tettey, Ernest, Christopher Pardy, and Wade Griffin (1982). "Economic
Analysis of Investment Alternatives for the Gulf of Mexico
Shrimping Vessels." Draft Report, Department of Agricultural
Economics, Texas A&M University,College Station, Texas 77843.
The effects of inflation on the returns to investment and profitability
in the shrimp industry is observed by analyzing investments in 1971, 1977, and
1979. Steel vessels generally did better in terms of financial performance
than wooden ones and medium sized vessels were the most efficient vessels to
operate in the Gulf of Mexico. This draft report also includes summarized raw
data as a handwritten appendix.
Tettey, E.O., W.L. Griffin, J.B. Penson, and J.R. Stoll (1986).
"Implications of Tax Policy on Investment in a Common Property
Resource." North American Journal of Fisheries Management, 6:100-
104.
This study employs a financial model to examine the aggregate investment
expenditures for Gulf of Mexico shrimp vessels. Specifically, the impacts of
tax policies - investment tax credits and income taxes - on investment
decisions in the Gulf shrimp fishery are evaluated. Contractionary tax policy
is an effective tool in limiting entry to the shrimp fishery and, thereby,
controlling the problem of overcapitalization. Decreases in the investment tax
credit rate, increases in the income tax rate, or a combination of both
policies will curtail investment activities in the fishing industry.
Implementation of such tax schemes should raise total revenues of vessel
owners, in the long run, from what they otherwise would have been.
Tettey, Ernest, Christopher Pardy, Wade Griffin, and A. Nelson Swartz
(1984). "Implications of Investing Under Different Economic
Conditions on the Profitability of Gulf of Mexico Shrimp Vessels
Operating Out of Texas." Fishery Bulletin, 82(2):365-373.
Due to the inflationary trend in recent years coupled with fluctuating
shrimp prices, the shrimp business has become a highly uncertain undertaking.
The financial performance of a sample of the Gulf of Mexico shrimping fleet,
operating out of the Texas coast, was examined over a 10 year period (1971-
80). the results indicate that investments made in the early part of the
1970's performed better than those made in the latter part. Periods of low
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