Fisheries Instrument Choice under Uncertainty | Zendy

Tom Kompas | Zendy; Thi Ngan | Zendy; R. Quentin Grafton | Zendy

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Fisheries Instrument Choice under Uncertainty

Author(s) -

Tom Kompas,

Thi Ngan,

R. Quentin Grafton

Publication year - 2008

Publication title -

land economics

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.961

H-Index - 86

eISSN - 1543-8325

pISSN - 0023-7639

DOI - 10.3368/le.84.4.652

Subject(s) - fishing , profit (economics) , stock (firearms) , fisheries management , variance (accounting) , fishery , context (archaeology) , computer science , economics , econometrics , operations research , microeconomics , mathematics , geography , accounting , archaeology , biology

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)

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