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Instabilities and Robust Control in Fisheries

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Author Info

  • Anastasios Xepapadeas

    (University of Crete, Department of Economics)

  • Catarina Roseta-Palma

    (Dep. Economia and DinĂ¢mia - ISCTE, Lisboa)

Abstract

Demand and supply analysis in fisheries often indicates the presence of instabilities and multiple equilibria, both in open access conditions and in the socially optimal solution. The associated management problems are further intensified by uncertainty on the evolution of the resource stock or on demand conditions. In this paper the fishery management problem is handled using robust optimal control, where the objective is to choose a harvesting rule that will work, in the sense of preventing instabilities and overfishing, under a range of admissible specifications for the stock recruitment equation. The paper derives robust harvesting rules, leading to a unique equilibrium, which could be used to design policy instruments such as robust quota systems.

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Bibliographic Info

Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2003.110.

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Date of creation: Dec 2003
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Handle: RePEc:fem:femwpa:2003.110

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Related research

Keywords: Fishery Management; Multiple Equilibria; Instabilities; Robust Control; Robust Harvesting Rules;

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References

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  1. Homans, Frances R. & Wilen, James E., 1997. "A Model of Regulated Open Access Resource Use," Journal of Environmental Economics and Management, Elsevier, vol. 32(1), pages 1-21, January.
  2. Thomas J. Sargent & LarsPeter Hansen, 2001. "Robust Control and Model Uncertainty," American Economic Review, American Economic Association, vol. 91(2), pages 60-66, May.
  3. McDonald, A. David & Hanf, Claus-Hennig, 1992. "Bio-economic stability of the north sea shrimp stock with endogenous fishing effort," Journal of Environmental Economics and Management, Elsevier, vol. 22(1), pages 38-56, January.
  4. Lars Peter Hansen & Thomas J. Sargent, 2001. "Acknowledging Misspecification in Macroeconomic Theory," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(3), pages 519-535, July.
  5. Weitzman, Martin L., 2002. "Landing Fees vs Harvest Quotas with Uncertain Fish Stocks," Journal of Environmental Economics and Management, Elsevier, vol. 43(2), pages 325-338, March.
  6. Cheve, Morgane & Congar, Ronan, 2000. "Optimal pollution control under imprecise environmental risk and irreversibility," Risk, Decision and Policy, Cambridge University Press, vol. 5(02), pages 151-164, June.
  7. Catarina Roseta-Palma & Anastasios Xepapadeas, 2004. "Robust Control in Water Management," Journal of Risk and Uncertainty, Springer, vol. 29(1), pages 21-34, 07.
  8. Tu, Pierre N. V. & Wilman, Elizabeth A., 1992. "A generalized predator- prey model: Uncertainty and management," Journal of Environmental Economics and Management, Elsevier, vol. 23(2), pages 123-138, September.
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Cited by:
  1. Fidel Gonzalez, 2008. "Precautionary Principle and Robustness for a Stock Pollutant with Multiplicative Risk," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 41(1), pages 25-46, September.

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  1. Socio-economics of Fisheries and Aquaculture

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