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Posted: January 6th, 2023

Economic Analysis of a Small Fishery

Microeconomics I Essay 2022
Economic Analysis of a Small Fishery
Please read this scenario:
A lake in southern Africa provides (a single species of) fish for small-scale (‘artisanal’) fishers who live in
10 villages located on the edge of the lake.
The fishers must decide how many days in the annual fishing season to go out in their boats to catch
They know that if the fish population falls below a certain critical size it will not be able to reproduce
and will eventually die out (become locally extinct).
• size of the catch from the lake does not affect the price of the fish.
• unlimited demand for the fish (they can sell them to traders from more distant locations).
• no new fishers can enter the area
Write a report (for someone who has completed first year Econ training) explaining:
a. the economic incentives this scenario creates for the fishers and the actions that self-interested
fishers are encouraged to take because of those incentives. [50% mark]
b. other aspects of the scenario, other than pure economic incentives, which might affect the
decisions of the fishers [25% mark]
c. what factors increase the likelihood that the factors in (b) will have an effect on fishers’
decisions. [25% mark]
The primary reading for this essay is Core Chapter 4, and lectures 9 and 10.
Please ensure you have read that chapter and watched those lectures first.
Other relevant sources:
Ostrom, Elinor. 2008. ‘The Challenge of Common-Pool Resources’. Environment: Science and Policy for
Sustainable Development 50 (4): pp. 8–21.
Ostrom, Elinor, James Walker, and Roy Gardner. 1992. ‘Covenants With and Without a Sword: Self-Governance
is Possible’. The American Political Science Review 86 (2).
Acemoglu et al, Microeconomics – available via Microeconomics I Bb page /Kortext. Section 9.5 Common Pool
Resource Goods.
This video explains some of the relevant issues- although it is not perfectly aligned with the essay question:
Conservation Strategy Fund. Fisheries Economics & Policy: Intro to Fisheries Management

You are not required (or advised) to extend your analysis into technical areas of economics we have not covered
in Micro I, for example ‘fishery economics’
The expectation is that:
• you use the concepts and frameworks covered in Micro I, especially Core Unit 4, and lectures 9 & 10.
• additional reading you do will be based around that material.
Guidance and FAQ
You should submit your essay via Turnitin on Blackboard (Assessment folder) by
14:00 (2pm) UK time on 18 Jan 20231
Late submission incurs mark penalties
The essay should be anonymous – your names should not appear anywhere, only your registration ID number
Marking Criteria
You are strongly advised to consult the Economics UG marking criteria (See Essay folder on Bb)
My Learning Essentials
You are strongly advised to consult the advice and resources (direct and virtual) regarding academic
writing and referencing available at MLE:
Maximum Length: 1500 words excluding references (this is a precise limit, no + X%)
A word count should be included before the Reference Section (see later in this document)
Further guidance is appended.
What if I have more queries?
• Piazza (search for the Essay tag)
• FAQ in this document with additions posted in the Essay area on Bb
You are welcome to post new queries on Piazza (but please check the FAQ and search Piazza first)
1 Unless you have an extension authorised by DASS, in which case that later deadline will apply.
Econ Writing Resources
We have gathered a collection of resources on writing in general and writing in Econ particularly the
Study Skills area on Micro 1’s Bb space.
Referencing and Plagiarism
A full list of the references should be appended as a reference section.
Consult My Learning Essentials for guidance
Plagiarism is presenting the ideas, work or words of other people without proper, clear and unambiguous
acknowledgement. It also includes self-plagiarism and the submission of material from essay banks.
Make clear in your essay the distinction between:
• ideas and work of other people
• ideas or material that you have personally contributed.
To assist you, here are a few important dos and don’ts:
• Do not construct a piece of work by cutting and pasting or copying material written by other
• Quotations must be enclosed in quotation marks to show that it is a direct quote, and it must
have the source properly acknowledged at that point. Include page numbers
• Any URLs (website addresses) consulted must be included in the references and must be accurate
and exact. If you have used information from many sites, list them all.
• References to journal articles must list year of publication, volume/issue number and page
• References to books must list all authors, year of publication and the exact title.
• If the book is an edited work with different authors contributing individual chapters, you must list
the edited work and the specific chapter(s) used.
• Quotes should be accompanied by page numbers.
Essays will also be electronically submitted and scanned via TurnItIn
More details at:
Referencing Style
A full list of the references should be appended as a reference section.
Use the Harvard Referencing style. This comprises:
1. In-text citation. Used when directly quoting or paraphrasing a source. They are in the body of the
work and contain a fragment of the full citation. For example:
“After that I lived like a young rajah in all the capitals of Europe…” (Fitzgerald, 2004).
2. Reference List. At the end of the work which displays full citations for all sources used. For
Fitzgerald, F. (2004). The great Gatsby. New York: Scribner.
Marks will be deducted for not following this referencing format.
Proofread your work
Proofreading is an essential part of the writing process.
It is the final step you need to take to ensure that you are communicating your ideas clearly and to
ensure that you are fulfilling the goals of your writing.
It is more than merely a spell check. It should involve double-checking your work against any criteria you
have, making sure your references are accurate, your analysis sound, and clarifying any remaining
questions or limitations of your work.
See the online guide at:
Word Count
State the Word count at the end of the essay, before the start of the Reference section
The word count covers everything after the title and up to the Reference section at the end (not
including the Reference section) – see the example below with a word count of 16 words.
If you want to know how text in Figures etc. are used, then run a Word Count in Word or whatever
software you are using
Essay Structure
Put the full title at the top of your essay
The Structure is:
• Title
• Essay content
• Word Count
• Reference Section
For example:
Essay Formatting
You must format your document so that it is:
• Double line spaced
• Font = Arial
• Font Size = 12pt
• 2.5cm margins – left and right, top and bottom
• Left justified
• Page numbers (bottom right of page)
Marks will be deducted for deviations from this formatting.
Do not put your name anywhere on the essay, just your student ID.
Essay Submission
When submitting you will be asked to enter a Submission Title – this must be your Registration ID
number and the text “Micro1 Essay”
For example:
Digital Receipt of Submission
Once your assignment has been submitted, you will be prompted to download your submission receipt.
If this is not done at the time of submission, you can return to the submission inbox at any time and click
the ‘download digital receipt icon’.
Do not leave submission until very close to the deadline – this risks a late submission
and late penalties
(this FAQ will be updated on Bb)
Do I have to use a particular font?
See this essay document which sets out the requirements on fonts, spacing etc.
How do I reference the CORE textbook?
Bowles, S., Carlin, W., & Stevens, M. (2017) The Economy. Economics for a Changing World. Oxford:
Oxford University Press.
Should I write in 1st or 3rd person?
Use first or third person, it is up to you.
Can I include an Appendix / Appendices?
No, there is no need for them in this essay.
Do I have to explain Economic terms I use?
Assume the reader is someone with training to first year Uni level in Economics – not someone who
needs to have Supply, Demand, Consumer Surplus etc. explained to them
Is there a minimum Word length?
No, you can be as brief as you wish.
Can I use Diagrams and Tables?
They are perfectly acceptable – you must judge what to include.
Provide a source for all Tables and Figures – give each a title and a number – see below for some
Can I include (photos of) hand drawn diagrams?
The essay must be typed, and all diagrams must be electronically produced (not photos of hand drawn
You can download Office 365 via instructions at:
Do I have to use Diagrams and Tables?
They are perfectly acceptable but not mandatory – you must judge what to include in your essay.
Provide a source for all Tables and Figures – give each a title and a number:
Figure 1: When is a pie chart the wrong chart
to use?
source: xxxxxxxxxxxxx
Can I use Section Headings?
When writing you need to have structure. You need to link sections and points, and also delineate and
sperate points.
In a long piece, subheadings are more likely to be needed.
But in an essay of this length they are not necessary – so do not use them.
Do I need to use a counter argument at the end of each paragraph?
No, such a formulaic approach is not required nor recommended.
Does the Word Count include…X, Y or Z?
As the essay document states:
The word count covers everything after the title and up to the Reference section at the end (not including
the Reference section)
See example above
If you want to know how text in Figures etc. are used, then run a Word Count in Word or whatever
software you are using
Should I include page numbers?
Yes – include them at the bottom right of the page.
Should we use Left or Full justification for essay text?
Please use Left justification
Table 1. Greatest Cities in the UK
City Ranking
Manchester 1
source: xxxxxxxxxxxxx
Can I see some sample essays?
Two essays were made available on Bb for the essay writing clinics earlier in the course – they are still
there for you on Bb
What File Format should I use?
Upload a word processing document (e.g., from MS Word) or a PDF file.
You can download Office 365 via instructions at:
How do we cite a source for a Table or Figure which we created ?
Use “source: original” to indicate you created it. If there are values included in it from a secondary
source, then indicate the source(s) of those values/content.
What referencing format should I use?
Harvard referencing is to be used.
How do I cite/reference foreign language materials?
See this guide to using the Harvard system with Foreign language material.
Can I use abbreviations?
Yes. Some abbreviations, such as i.e. and e.g. can be used without explanation.
For most abbreviations use the full term on first use and indicate the abbreviation that will be used
thereafter, for example:
The body mass index (BMI) is a measure that uses your height and weight to work out if your
weight is healthy. The BMI calculation divides an adult’s weight in kilograms by their height in
metres squared.
Do we need to give the essay a specific title?
Use the title exactly as given – do not change or paraphrase it.
Where do we include the title?
At the start (eg on a title page, or above the start of the essay) – in full : “Economic Analysis of a Small
Will someone review my essay plan or first draft?
No, this is not something we do – we will help you understand what the question is asking, but we will
not review your draft essay.
How do I submit my Essay?
Submit via Bb – go to the Essay area of Bb (in the Assessment folder) and follow the link to submit the
How do I know if my essay was submitted?
You can download a digital receipt of submission – see instructions above – please do this to be sure you
I am entitled to an extension (ie later submission date) – do I submit in a different way?
No, use the same upload/submission process – the delayed submission date (i.e. no late submission
penalty) will be handled by us.
Can you give me an extension on the submission date?
I cannot dispense extensions for tests or the essay.
These are handled by your Degree’s Undergraduate Office (this is referred to as Mitigating
Circumstances). So please contact your home department and they will advise on the process.
What is my ID number?
It is the number on your UoM ID / library card.
Where do we include our ID number?
Either on title page or in a header on each page – is it up to you – we just need to be able to see it easily.

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