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1 March 2012 Potential Collapse in Fisheries with Increasing Returns and Stock-dependent Costs
JOSE M. MAROTO, MANUEL MORAN
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Abstract

We develop a bioeconomic model to analyze a fishery with fixed costs as well as a within-season continuous cost function for the generalized Schaefer production function with increasing marginal returns to effort level. We analyze the consequences of the combined effects of increasing marginal returns and fixed costs. We find that regardless of the magnitude of the fixed costs, cyclical policies are optimal. We also demonstrate that the danger of potential collapse increases with increasing fixed costs. This result is quite counterintuitive, as higher costs are usually considered to have a conservative effect on resources.

JEL Classification Codes: Q20, Q22, Q57

JOSE M. MAROTO and MANUEL MORAN "Potential Collapse in Fisheries with Increasing Returns and Stock-dependent Costs," Marine Resource Economics 27(1), 43-63, (1 March 2012). https://doi.org/10.5950/0738-1360-27.1.43
Published: 1 March 2012
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21 PAGES

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KEYWORDS
bioeconomic modeling
cyclical dynamics
fixed costs
increasing returns
stock collapse
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