Consider a ?sh stock with growth function g(St?Ht), where St is the stock size at the beginning

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Consider a ?sh stock with growth function g(St?Ht), where St is the stock size at the beginning of period t and Ht is harvest.

We have shown that the optimal catch quantity in period 1 is characterized by the condition

where p > 0 is the ?sh price, c > 0 is a parameter of the cost function and ? > 0 is the discount factor.

a) Give a de?nition of the term over?shing. b) Give an economic interpretation of condition (1) c) Why does open access lead to over?shing? d) What would be an appropriate regulation to avoid over?shing?

Related Book For answer-question

Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

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Posted Date: Feb 21, 2019 12:23 AM

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Consider a ?sh stock with growth function g(St?Ht), where St is the stock size at the beginning

Question:

P C S₁ - H₁ + -8 (p- & ) ( (1 + g'(S₁ - H₁)), (1) P C S₁ - H₁ + -8 (p- & ) ( (1 + g'(S₁ - H₁)), (1)

Expert Answer:

A Overfishing would be a case when the harvest or catch is high so that ... View the full answer

Microeconomics An Intuitive Approach with Calculus

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