Optimal Capacity Decisions in a Developing Fishery

Abstract

The problem of estimating optimal fishing capacity for a developing fishery is discussed, using the methods of Bayesian decision analysis. The results obtained indicate that quite good decisions can often be made on the basis of limited prior information as to fish stock productivity, particularly if a conservative approach allowing for subsequent increases in capacity is employed.Environmental Economics and Policy, International Development, International Relations/Trade, Resource /Energy Economics and Policy,