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- W2233631657 abstract "Common property exploitation repeatedly has been implicated in instances of mismanagement of marine biological resources, resulting in depletion, even exhaustion, of stocks, and in dissipation of the economic benefits that the harvest might entail. Here I shall re-examine historical patterns in the competitive exploitation of two marine mammals, examining the interplay between common property harvest practices and inertial effects that result, among other things, from irreversible capital investment (“sunk capital”) in the harvesting industry. I find that common property exploitation tends to exaggerate the swings and overshoots that inertial features introduce into the temporal pattern of harvesting, leading to an excessive buildup of capital capacity, followed by an excessive depletion of the resource stock. Under some conditions these exaggerated swings can result in stock extinctions which optimal management might have avoided. The formal model is set up as a differential game, and analyzed by control theory methods." @default.
- W2233631657 created "2016-06-24" @default.
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- W2233631657 date "1987-01-01" @default.
- W2233631657 modified "2023-09-27" @default.
- W2233631657 title "Fur Seal and Blue Whale: The Bioeconomics of Extinction" @default.
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- W2233631657 doi "https://doi.org/10.1007/978-3-642-46616-8_4" @default.
- W2233631657 hasPublicationYear "1987" @default.
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