RT Journal Article
SR Electronic
T1 Estimating Dynamic Adjustment in Commercial Fisheries
JF Land Economics
JO Land Econ
FD University of Wisconsin Press
SP 562
OP 576
DO 10.3368/le.97.3.562
VO 97
IS 3
A1 Richard T. Melstrom
A1 Anna A. Klis
YR 2021
UL http://le.uwpress.org/content/97/3/562.abstract
AB This article combines bioeconomic theory and econometrics to develop a coupled model of fishing effort and stock dynamics. We apply the model to the lake whitefish fishery in the Great Lakes. The results provide support for the standard bioeconomic model of renewable resource exploitation in which fishing effort adjusts symmetrically with respect to profit and loss, but also that effort is affected by seasonal factors and drift. When we simulate the system for lake whitefish, we find that over the long run, effort adjusts slowly toward zero or a small recurring level.