Instabilities and Robust Control in Fisheries
AbstractDemand 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 InfoPaper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2003.110.
Date of creation: Dec 2003
Date of revision:
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:
- NEP-RES-2004-09-12 (Resource Economics)
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