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| Sethi, Gautam; Costello, Christopher; Fisher, Anthony C.; Hanemann, W. Michael; Karp, Larry S.. |
| Among others who point to environmental variability and managerial uncertainty as causes of fishery collapse, Roughgarden and Smith (1996) argue that three sources of uncertainty are important for fisheries management: variability in fish dynamics, inaccurate stock size estimates, and inaccurate implementation of harvest quotas. We develop a bioeconomic model with these three sources of uncertainty, and solve for optimal escapement based on measurements of fish stock in a discrete-time model. Among other results we find: (1) when uncertainties are high, we generally reject the constant-escapement rule advocated in much of the existing literature, (2) inaccurate stock estimation affects policy in a fundamentally different way than the other sources of... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Resource /Energy Economics and Policy. |
| Ano: 2004 |
URL: http://purl.umn.edu/25117 |
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