Dynamic adjustment is an integral part of natural resource economics. Commonly, capital is assumed to respond instantaneously to changes in profits, while in reality adjustment may take place only with a time lag. In this paper, an empirical analysis of capital (boat) dynamics in the North Sea...

"There is now strong scientific evidence that several species of baleen whale and possibly the sperm whale, have recovered to levels that would support commercial harvest. The stock of fin whales (Balaenoptera physalus) off the eastern coast of Iceland and the minke whale (Balaenoptera...

A discrete-time, nonlinear, deterministic model for an open-access fishery is developed and the equilibrium is characterized. The open- access exploitation of North Sea herring during the period 1963-77 is analyzed. Alternative production functions are considered and estimated for the Norwegian...