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ECO 3620. Environmental Economics

Renewable Resources: Fisheries

Bioeconomic Model

  1. Fishing effort and stock size
  2. Revenue: TR=f(E), MR=ΔTR/ΔE, AR = TR/E
  3. Cost: TC=wE, MC=AC=w
  4. Open access equilibrium (i.e., tragedy of the commons)
  5. Maximum sustainable yield
  6. Maximum economic yield

Open Access Regulations

  1. Gear restrictions
  2. Size limits
  3. Seasons
  4. Area closures
  5. Quotas

Limited Entry Regulations

  1. Tax on effort
  2. Individual transferable quotas

Externalities

  1. Recreational fishing
  2. Incidental catch
  3. Water pollution