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Optimal Feedback Controls: Comparative Evaluation of the Cod Fisheries in Denmark, Iceland, and Norway
Author(s) -
Arnason Ragnar,
Sandal Leif K.,
Steinshamn Stein Ivar,
Vestergaard Niels
Publication year - 2004
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.1111/j.0092-5853.2004.00597.x
Subject(s) - overfishing , inefficiency , norwegian , icelandic , fishery , fisheries management , danish , bioeconomics , cod fisheries , biomass (ecology) , economics , business , environmental science , natural resource economics , fishing , agricultural economics , ecology , biology , microeconomics , linguistics , philosophy
The economic efficiencies of the Danish, Icelandic, and Norwegian cod fisheries are examined. For this purpose, nonlinear aggregate models of these fisheries are constructed. Comparing the calculated optimal harvest and biomass quantities with the actual fisheries provides a measure of the degree of efficiency in these fisheries. The comparisons confirm that the cod harvesting policies of these countries have been hugely inefficient in the past. It appears that inefficiency has been increasing over the last three to four decades, even after TAC regulations replaced open access, indicating that the management policies adopted by all three countries have failed to cure overfishing.