The Opportunity Cost of Capital and Optimal Vessel Size in the Norwegian Fishing Fleet
利用1969-73年挪威捕捞船队的截面数据，检验了船舶尺寸是否最优，发现现行利率下不满足静态最优条件，但调整资本机会成本后接近最优，建议引入可转让捕捞配额以高效捕捞并减少对船舶尺寸的限制。
We test for optimal vessel size in the Norwegian fishing fleet using cross-section data for the period 1969-73. With the prevailing interest rate defined as the opportunity cost of capital, the Conrad-Unger conditions for static optimality in vessel size are rejected for each year. However, using alternative values of the opportunity cost of capital, existing vessel size is shown to be near optimal. We conclude that individual transferable catch quotas could be introduced to regulate the fishery allowing for efficient harvesting but imposing minimal restrictions on vessel size.