Fisheries Management Implications of Intrinsic Under Identification of Growth Equation Parameters
AbstractFisheries are subject to multiple forms of uncertainty. One of these, parameter uncertainty, has been largely ignored in the fisheries economics literature even though it is known elsewhere (e.g., macroeconomics) to play an important role in models with a similar structure. We model management of a renewable resource with unknown growth parameters and simulate estimation of the key parameters of the growth equation. Even with predictability high by typical standards and the true data generating process serving as the model, management of the fishery is problematic. A simple heuristic alternative making less intensive use of the data performs better.
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Bibliographic InfoPaper provided by Department of Economics, UC San Diego in its series University of California at San Diego, Economics Working Paper Series with number qt8bw0b76s.
Date of creation: 01 Apr 2012
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Social and Behavioral Sciences; Fishery management; simulation; estimation;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-07-08 (All new papers)
- NEP-CMP-2012-07-08 (Computational Economics)
- NEP-ENV-2012-07-08 (Environmental Economics)
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