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Strategic Harvesting of Age-Structured Populations

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  • Martin F. Quaas
  • Olli Tahvonen

Abstract

We study the strategic exploitation of an age-structured, common-property resource, where agents target different age classes. We present the first closed form solution for the optimal harvesting of an age-structured population, and we derive closed-form solutions for the Markov-perfect Nash equilibrium, thus extending the ‘second-generation fish war’ literature by studying a structured resource rather than a simple biomass setting. We derive conditions under which the different age classes are subject to overfishing in the non-cooperative setting, as harvest quantities are strictly higher than in the cooperative optimum, but also characterize conditions under which some age classes may be underfished.

Suggested Citation

  • Martin F. Quaas & Olli Tahvonen, 2019. "Strategic Harvesting of Age-Structured Populations," Marine Resource Economics, University of Chicago Press, vol. 34(4), pages 291-309.
    • Handle: RePEc:ucp:mresec:doi:10.1086/705905
    DOI: 10.1086/705905
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    Cited by:

    1. Martin F Quaas & Jasper N Meya & Hanna Schenk & Björn Bos & Moritz A Drupp & Till Requate, 2021. "The social cost of contacts: Theory and evidence for the first wave of the COVID-19 pandemic in Germany," PLOS ONE, Public Library of Science, vol. 16(3), pages 1-29, March.
    2. Ni, Yuanming & Steinshamn, Stein I. & Kvamsdal, Sturla F., 2022. "Negative shocks in an age-structured bioeconomic model and how to deal with them," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 15-30.

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