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Dynamic Programming Models of Fishing: Competition.

This article focuses on the study regarding the case of free-entry competition. It is natural to consider the stock of any renewable resource as a capital stock and treat the exploitation of that resource in much the same way as one would treat accumulation of a capital stock. Three issues which hav...

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Published in:American Economic Review Vol. 71; no. 4; pp. 649 - 662
Main Authors: Levhari, David, Michener, Ron, Mirman, Leonard J.
Format: Article
Published: American Economic Association Sep81
Subjects:
Competition
Dynamic programming
Capital stock
Stocks (Finance)
Resource allocation
Economics
Prices
Planning
Online Access:View this record in EBSCOhost
Summary:This article focuses on the study regarding the case of free-entry competition. It is natural to consider the stock of any renewable resource as a capital stock and treat the exploitation of that resource in much the same way as one would treat accumulation of a capital stock. Three issues which have been raised only tangentially are important for the understanding of the economics of renewable resources. The first section analyzes the time path of prices, output, and resource stock under the assumption of free-entry competition, and the second section studies optimal planning.