Fisheries II

Fisheries II - Fisheries II Topics Berck's version of...

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Fisheries II
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Topics Berck’s version of Smith—a economicallization of the schaeffer model Homan’s regulated fishery Berck Costello Captured fishery Sanchirico patchy model Grafton, Kirkley, Squires almost ITQ Berck simplified extinction
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Vernon Smith Model Version of Shaeffer Biology as usual Entry proportional to profit (number of boats) Output per boat function of price, stock of fish. (p = marginal cost) Standard IO model of firm and industry
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e.g. C(Q,x) = Q k /x MC = kQ k-1 /x Q= (px/k) 1/(k-1) Hence h = EQ = EX 1/(k-1) (p/k) 1/(k-1) dx/dt = f(x) - EX 1/(k-1) (p/k) 1/(k-1)
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PB’s version of Smith 1 1 1 1 1 1 1 1 1 1 ( ) ( ) ( ) ( ) where is a constant of proportionality and FC are fixed costs k k k k k k k k P x f x Ex k x P E P x FC k k δ - - - - - - = - = - - &
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Externality We model the abundance externality as c/ x. Could be cx a(t) a < 0 Guess: If you could estimate this abs(a) would become smaller over time Lack of fish no longer makes it hard to catch the ones that still exist As a becomes small all the fish will be caught.
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Could have the boats crowding each other, so more boats increases costs. E.g.
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This note was uploaded on 08/01/2008 for the course ARE 262 taught by Professor Berck during the Spring '08 term at Berkeley.

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Fisheries II - Fisheries II Topics Berck's version of...

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