Impact of the cost of the time resource on efficiency of economic processes

The objective of the paper is to simulate behavior of economic agents with a special emphasis on the use of the time resource in economic processes. The case studied is from the fishing industry. With simulations, the study analyzes the behavior of economic agents as they lead their processes through time. The paper estimates the value of time in a fishery operation, and shows that the time cost is essential in clarifying some phenomena in the economic behavior of agents. Among the conclusions is that the difference in economic efficiency between strong and weak ownership is due to difference in time costs. The secondary goal of the paper is to develop a simulation tool for analyzing a range of problems in the fishing industry, ranging from decision situations onboard fishing vessels to serving as a tool for fishery managers and legislators.