Adjustment Cost and Supply Response in a Fishery: A Dynamic Revenue Function
研究了渔业中因调整成本导致渔民改变捕捞品种的延迟反应，通过动态收入函数估计挪威拖网渔船的供给方程，检验不同动态假设。
In industries where firms can adjust product mix in response to price changes, the process can be delayed by adjustment costs. An example is fishermen who change fishing grounds to target different species. If adjustment costs are sufficiently large, this may hamper the fishermen’s response so that regulatory tools that are not efficient in the long run are useful in the short run. Moreover, adjustment costs can influence the choice of species targeted. In this paper dynamic supply equations are specified using a revenue function approach. Different hypotheses about the dynamics of the supply equations are tested for Norwegian trawlers. <i></i>