In this note we consider the choice of optimum fishing capacity for fish stocks that vary at random. In models with stochastic variations of fish stocks, optimum fishing capacity is normally a decision variable separate from fishing effort. It is shown how the optimum fishing capacity depends on the price of fish, the cost of capacity, and the "harvest rule" linking the permitted catch to the size of the fish stock. Operating costs may also influence the optimum capacity through the effect of stock "thinning" on the cost per unit of fish caught and the level at which further depletion becomes unprofitable.
Fisheries economics, fishing capacity, fish stock fluctuations, Environmental Economics and Policy, Production Economics,
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