A Frontier Production Function for the Norwegian Cod Fisheries
The problems we shall be dealing with concern economic efficiency. More precisely we shall examine whether the proportion in which labour and capital are combined in the design and operations of individual fishing vessels is efficient when related to the social opportunity cost of these factors. Furthermore we shall consider returns to scale; that is, whether the design and operations of the fishing vessels is such that economies of scale, to the extent they are present, are fully utilized.
KeywordsProduction Function Opportunity Cost Production Unit Fishing Gear Fishing Vessel
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