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An Experimental Analysis of Optimal Renewable Resource Management: The Fishery

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  • John Hey
  • Tibor Neugebauer
  • Abdolkarim Sadrieh

Abstract

This paper experimentally studies the extraction decisions of a sole-owner ina fishery, the population dynamics of which behave according to the standard deterministic logistic growth model. Four treatments were implemented which differed in the level of information supplied to the experimental subjects. The theoretical solution was used to evaluate the behaviour of experimental subjects. The data reveal high efficiency losses due to the lack of information on population dynamics and stock size. Efficiency varied between treatments according to the information conditions.
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Suggested Citation

  • John Hey & Tibor Neugebauer & Abdolkarim Sadrieh, 2009. "An Experimental Analysis of Optimal Renewable Resource Management: The Fishery," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 44(2), pages 263-285, October.
    • Handle: RePEc:kap:enreec:v:44:y:2009:i:2:p:263-285
    DOI: 10.1007/s10640-009-9285-5
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    Cited by:

    1. Schnier, Kurt Erik, 2009. "Spatial externalities and the common-pool resource mechanism," Journal of Economic Behavior & Organization, Elsevier, vol. 70(1-2), pages 402-415, May.
    2. László Á. Kóczy, 2018. "Partition Function Form Games," Theory and Decision Library C, Springer, number 978-3-319-69841-0, July.
    3. M. Djiguemde & D. Dubois & A. Sauquet & M. Tidball, 2022. "Continuous Versus Discrete Time in Dynamic Common Pool Resource Game Experiments," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 82(4), pages 985-1014, August.
    4. Selles Jules & Bonhommeau Sylvain & Guillotreau Patrice & Vallée Thomas, 2020. "Can the Threat of Economic Sanctions Ensure the Sustainability of International Fisheries? An Experiment of a Dynamic Non-cooperative CPR Game with Uncertain Tipping Point," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(1), pages 153-176, May.
    5. Gerlinde Fellner & Magdalena Margreiter & Nuria Oses Eraso, 2003. "When the past is present – The ratchet effect in the local commons," Papers on Strategic Interaction 2003-23, Max Planck Institute of Economics, Strategic Interaction Group.
    6. Frank P. Maier-Rigaud & Jose Apesteguia, 2004. "The Role of Rivalry. Public Goods versus Common-Pool Resources," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2004_2, Max Planck Institute for Research on Collective Goods.
    7. Murielle Djiguemde & Dimitri Dubois & Alexandre Sauquet & Mabel Tidball, 2019. "On the modeling and testing of groundwater resource models," CEE-M Working Papers hal-02316729, CEE-M, Universtiy of Montpellier, CNRS, INRA, Montpellier SupAgro.
    8. Anabela Botelho & Ariel Dinar & Lígia Costa Pinto & Amnon Rapoport, 2014. "Time and uncertainty in resource dilemmas: equilibrium solutions and experimental results," Experimental Economics, Springer;Economic Science Association, vol. 17(4), pages 649-672, December.
    9. Schnier, Kurt E. & Anderson, Christopher M., 2006. "Decision making in patchy resource environments: Spatial misperception of bioeconomic models," Journal of Economic Behavior & Organization, Elsevier, vol. 61(2), pages 234-254, October.
    10. Nuria Osés-Eraso & Montserrat Viladrich-Grau, 2011. "The sustainability of the commons: giving and receiving," Experimental Economics, Springer;Economic Science Association, vol. 14(4), pages 458-481, November.
    11. Fijnanda van Klingeren, 2020. "Playing nice in the sandbox: On the role of heterogeneity, trust and cooperation in common-pool resources," PLOS ONE, Public Library of Science, vol. 15(8), pages 1-36, August.
    12. Anderson, Christopher M. & Sutinen, Jon G., 2006. "The effect of initial lease periods on price discovery in laboratory tradable fishing allowance markets," Journal of Economic Behavior & Organization, Elsevier, vol. 61(2), pages 164-180, October.
    13. Carlos E. Jijena Michel & Javier Perote & José D. Vicente-Lorente, 2018. "Efficiency and Sustainability in Teamwork: The Role of Entry Costs," Sustainability, MDPI, vol. 10(7), pages 1-19, July.
    14. Murielle Djiguemde, 2020. "A survey on dynamic common pool resources : theory and experiment," Working Papers hal-03022377, HAL.
    15. Murielle Djiguemde, 2020. "A survey on dynamic common pool resources : theory and experiment," CEE-M Working Papers hal-03022377, CEE-M, Universtiy of Montpellier, CNRS, INRA, Montpellier SupAgro.
    16. Wisdom Akpalu, 2013. "Foreign Aid and Sustainable Fisheries Management in Sub-Saharan Africa," WIDER Working Paper Series wp-2013-100, World Institute for Development Economic Research (UNU-WIDER).

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    More about this item

    Keywords

    Experimental economics; Renewable resources; Dynamic decision making; Decisions under risk and uncertainty; Misperceptions of feedback;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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