ABSTRACT
This chapter aims to show the relationship between firm and industry in a common property fishery and to compare and contrast it to the standard analysis. It deals with a brief review of the traditional fisheries model which will be used as the basis for a simple diagrammatical analysis of the vessel and fishery. The traditional analysis is necessarily long run in that it assumes complete stock adjustment to changes in the level of effort. The reason the traditional analysis uses a constant cost of providing effort is that it is essentially a long-run analysis which assumes that any change in the level of effort is the result of a change in the number of efficiently operating vessels. The yield of the fishery as a whole is a function of stock size, mesh size, and the total amount of effort.
