| Sumario: | The writers attempt to develop a model of optimal harvest path for stock recovery, to explore implementation issues, and to suggest means of addressing typical equity and efficiency concerns in a transition process. The setting of Hotelling is extended for optimal harvest of a nonrenewable resource to an environment where the resource is renewable and stock recovery over a finite interval is also an a priori aim. Methods to avoid the numerous potential hazards of a transition to an efficient allocation are considered, and the best way to recover from the error of allowing harvesters to ignore some of the opportunity costs of their actions for long enough to severely deplete the resource stock is discussed. It is concluded that the stakes are high for stock recovery and long-term allocation and that increasing a policy's political prospects can be expensive, but failure to do so promptly can be even costlier.
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