Fishery Management Under Multiple Uncertainty
| dc.creator | Sethi, Gautam | |
| dc.creator | Costello, Christopher | |
| dc.creator | Fisher, Anthony C. | |
| dc.creator | Hanemann, W. Michael | |
| dc.creator | Karp, Larry S. | |
| dc.date | 2017-04-01T20:06:11Z | |
| dc.date.accessioned | 2026-07-09T03:49:46Z | |
| dc.description | 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 uncertainty, and (3) the optimal policy leads to significantly higher commercial profits and lower extinction risk than the optimal constant-escapement policy (by 42% and 56%, respectively). | |
| dc.identifier | doi:10.22004/ag.econ.25117 | |
| dc.identifier | https://ageconsearch.umn.edu/record/25117/files/wp040929.pdf | |
| dc.identifier | http://ageconsearch.umn.edu/record/25117 | |
| dc.identifier.uri | http://hdl.handle.net/123456789/540533 | |
| dc.language | eng | |
| dc.publisher | ||
| dc.source | http://ageconsearch.umn.edu/record/25117 | |
| dc.title | Fishery Management Under Multiple Uncertainty | |
| dc.type | Text |