"In common property resources such as the Gulf of Mexico shrimp fishery, changes in economic and biological conditions affect the level of fishing effort applied by fisher- men. In an open access fishery, the equilibrium level of effort is maintained where total revenue equals total cost in economic terms. Therefore, any increase in price or decrease in costs will result in an expansion of effort until the normal economic profits are dissipated for the last vessel in the fishery. The expansion in effort can be short term (less than a year) or long term. Effort levels can be expanded in the short run via changes in the variable factors of production such as crew size, days fished, and the amount or type of gear used by the vessel. In the long run, the fixed factors of production such as vessel length, hull material, and engine horsepower can be adjusted by the entry of new vessels into and exit of old vessels out of the fishing fleet. Changes in the number of vessel in the fishing fleet caused by entry and exit behavior can be studied by examining these long run adjustments in fishing effort"--Introduction.

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