Tom Kompas () (Australian National University, Asia Pacific School of Economics and Government) Tuong Nhu Che (Australian Bureau of Agricultural and Resource Economics) R. Quentin Grafton () (Australian National University, Asia Pacific School of Economics and Government)
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This paper uses data from an actual fishery to construct a tractable and dynamic model to compare expected profit and its variance, optimal stock size, optimal harvest rate and optimal fishing effort under different management regimes under uncertainty. The results provide a comparison of instrument choice between a total harvests control and a total effort control under uncertainty, an original method to evaluate the tradeoffs between profits and other criteria in a dynamic context, and provide guidance as to the relative merits of catch and effort controls in fisheries management.
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