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Abstract
The fishery is a prime example of a common property renewable resource industry. A second prominent feature is the extreme variability of its environment, both biologic and economic. Traditionally fishing vessels have harvested a single species or aggregation, but now powerful multipurpose vessels have been introduced which switch targets as opportunities arise. These vessels represent an adaptation to the fluctuating environment: they give up efficiency of specialized operation for flexibility under changing conditions. We analyze, from the point of view of economic efficiency, the common property operation of a mixed fleet of generalist and specialist fishing vessels in a fluctuating environment.
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