Question
Suppose N fishermen go fishing at a fishery that has no property rights (meaning fishermen could fish as much as they like). The marginal cost
Suppose N fishermen go fishing at a fishery that has no property rights (meaning fishermen could fish as much as they like). The marginal cost of fishing is constant at 100, and each kg of fish sells for 1. Further, assume that the relation between fisher i's catch and the total amount of fishing overall is given by the equation Catch = Vi*(200 (V1+V2+...+Vi+....+VN)), where Vi is the amount of time fisher i spends fishing. If the fishery was owned collectively by all the fishermen, how much time would the N fishers decide to spend fishing overall?
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