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Bioeconomic Modeling of the Gulf Shrimp Fishery: An Application to Galveston Bay and Adjacent Offshore Areas

Published online by Cambridge University Press:  28 April 2015

Vito Blomo ,
Kenneth Stokes ,
Wade Griffin ,
William Grant  and
John Nichols
Vito Blomo
Affiliation:
Agricultural Economics atTexas A&M University
Kenneth Stokes
Affiliation:
Agricultural Economics atTexas A&M University
Wade Griffin
Affiliation:
Agricultural Economics atTexas A&M University
William Grant
Affiliation:
Agricultural Economics atTexas A&M University
John Nichols
Affiliation:
Agricultural Economics atTexas A&M University
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Extract

The concept of laissez-faire is widely recognized in capitalistic economies. At the core of this operating philosophy is the belief that individualistic competition will result in an economic improvement, not only for the individual but also for society. However, when this approach is tied to the exploitation of a common property resource, the outcome is just the opposite—in terms of economic efficiency the common property resource is overexploited because the factor cost to the firm does not equal the opportunity cost to society. That is, although a common property resource is a scarce good to society, it is a free good to individuals. The usual result is a level of exploitation which may endanger the future biological viability of the resource. With shrimp, however, this concern is not critical because shrimp is an annual crop; fishing will cease as a result of economic, and not biological, considerations.

Type
Research Article
Information
Journal of Agricultural and Applied Economics , Volume 10 , Issue 1 , July 1978 , pp. 119 - 125
Copyright
Copyright © Southern Agricultural Economics Association 1978

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