| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Real Options Analysis of Fishing Fleet Dynamics: A Test | |
| Valentina Bosetti; David Tomberlin | |
| 发表日期 | 2004 |
| 出处 | Climate Change and Sustainable Development |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This paper develops and tests a dynamic optimization model of fishermen’s investment behavior in a limited-entry fishery. Because exit from limited-entry fisheries may be irreversible, the fisherman has an incentive to maintain the right to fish (whether by actually fishing or by purchasing an annual license) even when the fishery is not profitable, in the hope that conditions may improve. This incentive provides at least a partial explanation for excess capacity in fishing fleets, one of the most pressing fisheries management issues in limited-entry (and other) fisheries around the world. To assess the ability of simple financial models to explain observed investment behavior, we develop a two-factor (price and catch) real options model of the decision problem faced by an active fisherman who has the option to exit a fishery irrevocably. The immediate reason for adopting a two-factor model is the hope of achieving greater predictive power, since obviously both price and catch are important to fishermen’s decisions. Another advantage to this approach is that it provides a mechanism by which investment behavior can be linked in a real options framework to exogenous factors that affect price and catch separately. For example, international market forces are likely to affect price while having a negligible effect on a local fish stock, while local fish stock dynamics may affect catch directly but have little influence on prices (assuming the demand for a particular fish is relatively elastic). In a comparison of model predictions about fishermen’s exit decisions to 5059 observed decisions in the California salmon fishery in the 1990s, 65% of the model’s predictions are correct, suggesting this approach may be useful in the analysis of fishing fleet dynamics. |
| 特色分类 | Q22,D8 |
| 关键词 | Real option investment,Numerical methods,Fisheries |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/real-options-analysis-of-fishing-fleet-dynamics-a-test/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/117053 |
| 推荐引用方式 GB/T 7714 | Valentina Bosetti,David Tomberlin. Real Options Analysis of Fishing Fleet Dynamics: A Test. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL2004-102.pdf（527KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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