Berck, Peter; Perloff, Jeffrey M - Department of Agricultural and Resource Economics, … - 1982
How potential entrants to an open-access fishery form their expectations determines the fishery's adjustment path to a … expectations (those based on current values), boats enter the fishery only when the fish stock is greater than its steady state … stock. We show that, with rational expectations (perfect foresight), however, boats may enter when the fish stock is much …
