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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)

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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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File URL: http://www.feem.it/NR/rdonlyres/AE2877D2-79E6-4D77-BB84-08C6FF299294/1002/11003.pdf
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Publisher 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

Find related papers by JEL classification:
Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

This paper has been announced in the following NEP Reports:

This item is featured on the following reading lists:
  1. Socio-economics of Fisheries and Aquaculture
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  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. [Downloadable!] (restricted)
  2. Catarina Roseta-Palma & Anastasios Xepapadeas, 2004. "Robust Control in Water Management," Journal of Risk and Uncertainty, Springer, vol. 29(1), pages 21-34, 07. [Downloadable!]
  3. 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. [Downloadable!]
  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. [Downloadable!] (restricted)
  5. 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. [Downloadable!] (restricted)
  6. Lars Peter Hansen & Thomas J. Sargent, 2001. "Robust Control and Model Uncertainty," American Economic Review, American Economic Association, vol. 91(2), pages 60-66, May. [Downloadable!] (restricted)
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