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Fisheries management with stock growth uncertainty and costly capital adjustment

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  • Singh, Rajesh
  • Weninger, Quinn
  • Doyle, Matthew

Abstract

We develop a dynamic model of a fishery which simultaneously incorporates random stock growth and costly capital adjustment. Numerical techniques are used to solve for the resource-rent-maximizing harvest and capital investment policies. Capital rigidities bring diminishing marginal returns to the current period harvest, and introduce an incentive to smooth the catch over time. With density dependent stock growth, however, catch smoothing increases stock variability resulting in reduced average yields. The optimal management policy balances the catch smoothing benefits against yield loss. We calibrate the model to the Alaskan pacific halibut fishery to demonstrate the main insights.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Environmental Economics and Management.

Volume (Year): 52 (2006)
Issue (Month): 2 (September)
Pages: 582-599

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Handle: RePEc:eee:jeeman:v:52:y:2006:i:2:p:582-599

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Web page: http://www.elsevier.com/locate/inca/622870

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Cited by:
  1. Poudel, Diwakar & Sandal, Leif K. & Kvamsdal, Sturla F. & Steinshamn, Stein I., 2011. "Fisheries Management under Irreversible Investment: Does Stochasticity Matter?," Discussion Papers 2011/20, Department of Business and Management Science, Norwegian School of Economics.
  2. Leizarowitz, Arie & Tsur, Yacov, 2012. "Renewable resource management with stochastic recharge and environmental threats," Journal of Economic Dynamics and Control, Elsevier, vol. 36(5), pages 736-753.
  3. Sarkar, Sudipto, 2009. "Optimal fishery harvesting rules under uncertainty," Resource and Energy Economics, Elsevier, vol. 31(4), pages 272-286, November.
  4. Robert S. Pindyck, 2006. "Uncertainty In Environmental Economics," NBER Working Papers 12752, National Bureau of Economic Research, Inc.
  5. Ute Kapaun & Martin Quaas, 2013. "Does the Optimal Size of a Fish Stock Increase with Environmental Uncertainties?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 54(2), pages 293-310, February.
  6. Poudel, Diwakar & Sandal, Leif K. & Steinshamn, Stein I. & Kvamsdal, Sturla F., 2012. "Do Species Interactions and Stochasticity Matter to Optimal Management of Multispecies Fisheries?," Discussion Papers 2012/1, Department of Business and Management Science, Norwegian School of Economics.
  7. Gutiérrez Huerta, María José & Da Rocha, José María, 2009. "Reference Points and Optimal Management in Stochastic Age-Structured Fisheries Models," DFAEII Working Papers 2009-02, University of the Basque Country - Department of Foundations of Economic Analysis II.
  8. Vincent Martinet & Michel de Lara & Julio Peña & Héctor Ramirez, 2012. "Risk and Sustainability: Assessing Fisheries Management Strategies," ILADES-Georgetown University Working Papers inv276, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines.
  9. Poudel, Diwakar & Sandal, Leif K., 2014. "Stochastic Optimization for Multispecies Fisheries in the Barents Sea," Discussion Papers 2014/2, Department of Business and Management Science, Norwegian School of Economics.
  10. Richard Carson & Clive Granger & Jeremy Jackson & Wolfram Schlenker, 2009. "Fisheries Management Under Cyclical Population Dynamics," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 42(3), pages 379-410, March.
  11. Michele Baggio, 2012. "The Optimal Management of a Natural Resource with Switching Dynamics," IED Working paper 12-19, IED Institute for Environmental Decisions, ETH Zurich.
  12. Doyle, Matthew & Singh, Rajesh & Weninger, Quinn, 2005. "Fisheries Management with Stock Growth Uncertainty and Costly Capital Adjustment: Extended Appendix," Staff General Research Papers 12291, Iowa State University, Department of Economics.
  13. Vincent Martinet & Michel de Lara & Julio Peña & Héctor Ramirez, 2010. "Evaluation of Management Procedures: Application to Chilean Jack Mackerel Fishery," ILADES-Georgetown University Working Papers inv255, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines.

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