Fisheries instrument choice under uncertainty

This paper uses data from an actual fishery to construct a tractable, dynamic model to compare expected profit and its variance, optimal stock size, optimal harvest rate, and optimal fishing effort under different management regimes under uncertainty. The results provide a comparison of instrument c...

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Bibliographic Details
Published in:Land economics 2008-11, Vol.84 (4), p.652-666
Main Authors: Kompas, Tom, Che, Tuong Nhu, Grafton, R. Quentin
Format: Article
Language:English
Subjects:
Agricultural economics
Agricultural management
algorithms
Boats
dynamic models
econometric models
Economic models
Economic value
Fisheries
Fisheries management
Fishery economics
Fishery management
Harvest
Marine resources
Ocean fisheries
optimization
Profit per unit
profits and margins
Property values
Resource allocation
Risk aversion
Shrimp
Standard deviation
Stocks
Studies
Total allowable catch
Uncertainty
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Summary:This paper uses data from an actual fishery to construct a tractable, dynamic model to compare expected profit and its variance, optimal stock size, optimal harvest rate, and optimal fishing effort under different management regimes under uncertainty. The results provide a comparison of instrument choice between a total harvest control and a total effort control under uncertainty, an original method to evaluate the tradeoffs between profits and other criteria in a dynamic context, and insights regarding the relative merits of catch and effort controls in fisheries management. (JEL Q22, D81)
ISSN:0023-7639
1543-8325
DOI:10.3368/le.84.4.652