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THE GULF OF MEXICO SHRIMP FISHERY: AN ECONOMETRIC ANALYSIS OF REAL NET INVESTMENT IN FISHING VESSELS.

机译:墨西哥虾类渔业的海湾:渔船实际净投资的计量分析。

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摘要

The real net investment in fishing vessels in the Gulf of Mexico shrimp fishery is analysed employing an econometric model. The model is simulated over a 17-year period to examine the short and intermediate run impacts of changes in such policy variables as the real rate of interest, cost of equity capital, investment tax credit and income tax on investment behavior in fishing vessels. It is further used to provide a forecast over a 5-year period (1978 - 1982) for real net investment in fishing vessels.; The investment behavior of wooden, steel and fiberglass vessels is also compared. Specifically, the productivity and responsiveness to changes in policy variables for each vessel type are examined. Finally, the social welfare implications of overcapitalization in fishing vessels are discussed.; There can be little doubt that investment tax credit stimulates investment expenditure in the Gulf shrimp fishery. However, income tax exerts the greatest influence on investment decisions in the fishing industry. Fishermen's investment responses to changes in the real rate of interest and cost of equity capital are quite modest in the short run. However, they exert substantial influence in the intermediate run.; Steel vessels are by far the most productive in the Gulf shrimp fishery. As a consequence, they have increased in proportion relative to wooden and fiberglass vessels. Investment responses to changes in policy variables are greatest for steel vessels and least for wooden. Fiberglass vessels fall somewhere in between as far as productivity and responsiveness to policy changes are concerned.; The Treasury depreciates fishing vessels over an 8-year service life for tax purposes. The findings from this study are in line with this rule but fail to identify an optimal service life. Based on their productivities, steel vessels tend to perform very well even as they age.; The real stock of both steel and wooden vessels are expected to show continuous growth from 1978 through 1982. However, the stock of steel vessels is likely to grow about three times as fast as wooden ones over this period.
机译:使用计量经济学模型分析了墨西哥湾虾类渔业中渔船的实际净投资。对模型进行了为期17年的模拟,以检验诸如实际利率,股权资本成本,投资税收抵免和所得税等政策变量的变化对渔船投资行为的短期和中期影响。进一步将其用于提供为期5年(1978年至1982年)的渔船实际净投资预测。还比较了木制,钢制和玻璃纤维容器的投资行为。具体而言,检查了每种船舶类型的生产率和对策略变量的更改的响应能力。最后,讨论了过度资本化对渔船的社会福利影响。毫无疑问,投资税收抵免会刺激海湾虾类渔业的投资支出。但是,所得税对渔业的投资决策影响最大。在短期内,渔民对实际利率和权益资本成本变化的投资反应相当温和。但是,它们在中间运行中会产生重大影响。迄今为止,钢船是海湾虾渔业中生产力最高的。结果,它们相对于木制和玻璃纤维容器的比例有所增加。对于政策变量的变化,投资响应对于钢制船舶来说最大,而对木制船则最小。就生产力和对政策变化的响应能力而言,玻璃纤维容器介于两者之间。出于税收目的,财政部对渔船折旧了8年。该研究的结果与该规则相符,但未能确定最佳使用寿命。基于生产率,钢制容器即使老化也往往表现良好。预计从1978年到1982年,钢制和木制船只的实际存量将持续增长。但是,在此期间,钢制船只的存量增长速度可能是木制船的三倍。

著录项

  • 作者

    TETTEY, ERNEST OBENG.;

  • 作者单位

    Texas A&M University.;

  • 授予单位 Texas A&M University.;
  • 学科 Economics Agricultural.; Agriculture Fisheries and Aquaculture.
  • 学位 Ph.D.
  • 年度 1983
  • 页码 150 p.
  • 总页数 150
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 农业经济;水产、渔业;
  • 关键词

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