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| Morizur, Yvon; Caillart, B; Tingley, D. |
| Introduction : It is now clear that the world's fishery resources are being subjected to exploitation at or above their capacity to produce maximum sustainable yields. At the same time as these trends are being felt, there is a very large wastage of fishery resources from discarding unwanted catches at sea. At the end of each fishing operation a part of the catch is often returned to the sea after sorting by the fishermen. A 1994 FAO report provided an estimate of global discards in commercial fisheries of 27 millions of tons per year compared to 50 million tons of direct human consumption. A more recent FAO document estimated that discards were in the order of 20 million tons in 1997. The majority of the world's fisheries are multi-species in nature and... |
| Tipo: Text |
Palavras-chave: Marine; Wastage; Overview; World; Social; Economic; Ecology; Biology; Impact; Target; Species; Gear; Fishery; Bycatch; Catch; Discards. |
| Ano: 1999 |
URL: http://archimer.ifremer.fr/doc/1999/publication-1237.pdf |
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| Kim, Hyun Seok; Brorsen, B. Wade; Anderson, Kim B.. |
| Some extension economists and others often recommend profit margin hedging in choosing the timing of crop sales. This paper determines producer’s utility function and price processes where profit margin hedging is optimal. Profit margin hedging is shown to be an optimal strategy under a highly restricted target utility function even in an efficient market. Although profit margin hedging is not the optimal rule in the presence of mean reversion, it can still be profitable if prices are mean reverting. Simulations are also conducted to compare the expected utility of profit margin hedging strategy with the expected utility of other strategy such as always hedging and selling at harvest strategies. A variance ratio test is conducted to test for the existence... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Expected utility; Mean reversion; Profit margin hedging; Target. |
| Ano: 2007 |
URL: http://purl.umn.edu/37570 |
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