| Investment behaviour is a complex process which plays a major role in fisheries dynamics because it determines the size of the fishing fleet. The purpose of this paper is to examine the consequences of the main characteristics of fishing activity on investment. The theoretical dynamic model of a fishery shows us the "bangbang" pallern of investment. Furthermore, fishing activity has a high intrinsic variability. Thus, the system in which income is shared between the crew and the ship owner is also considered as a way of sharing risks and so reducing the variability ofinvestment return. Finally, the type of investment financing (subsidies, loans) can strongly stimulate fisheries dynamics but can also have some undesirable effects. [NOT CONTROLLED OCR] |
