Abstract
Following the introduction of sea-going factory vessels by Norwegian whalers in the 1926 season, the international whaling industry underwent a large expansion which ultimately resulted in depletion of many valuable stocks of whales. Attempts at conservation under the auspices of the International Whaling Commission met with limited but growing success, until a new management policy was adopted in 1975. By 1980 the killing of most species of baleen whales had been prohibited. The authors review the economic history of pelagic whaling during this period, and present a corresponding economic analysis. A brief survey of mathematical models of the whaling industry is given in the Appendix.
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