Portfolio Fishing
将不同年龄鱼群视为不同资产，运用风险理论和组合理论，基于冰岛鳕鱼数据推导最优捕捞模式，发现风险规避会平滑捕捞行为，历史捕捞努力量效率低下且利润波动大。
The optimal fishing pattern in a multi‐cohort fishery is determined using risk theory.Portfolio theory becomes applicable by treating different age groups of fish as different assets. A possibility set is derived using data on Icelandic cod fisheries. In the presence of risk aversion, it is shown that the abrupt behavior found in deterministic models is changed towards a smoother fishing pattern. The historical selection pattern for the Icelandic cod stock is shown to be near optimal using a maximal effort‐type cost function, but historical levels of effort are inefficient and lead to less profit and greater fluctuations than implied by profit or utility maximization.