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On the Problem of Dependent People: hyperbolic discounting in Atlantic Canadian island jurisdictions

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  • Funk, Matt

Abstract

Prince Edward Island's Economics, Statistics and Federal Fiscal Relations Division's 33rd Annual Statistical Review reports the total value of 2006 fish landings was CAD $166.6 MM. This paper discloses a preliminary finding that the actual total value of fish landings for 2006 was approximately CAD 416.5 MM. Furthermore, this discourse submits that this entrenched systemic error has been consistently generated for all 33 years that the Annual Statistical Review has been published. Moreover, this systemic error creates a ripple-effect and promotes bias through all relative natural resource valuations. This significant conjecture is presented within an institutional context which serves as the foundation for this error generation, including other errors associated with The Problem of Induction and The Tragedy of the Commons. Within this broad context, this paper focuses upon deficient resource valuation methods, especially as they relate to dependency and valuation errors. Our analysis contrasts the failure of fishery management amongst dependent Canadian islanders,and the relative success of fishery management amongst independent Icelandic islanders. The possibilities that independent people enjoy higher levels of rationality, efficiency, happiness, economic sustainability, Darwinian fitness, resource holding power, and, are thus, ceteris paribus, less likely to commit errors associated with The Problem of Induction are taken into consideration. Likewise, consideration is given to the notion that dependent people are more likely to exhibit irrational behaviour, develop deeper dependencies, and to contribute to a wide array of maladaptive behaviours, such as those which exacerbate The Tragedy of the Commons.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14522.

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Date of creation: 20 Nov 2007
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Handle: RePEc:pra:mprapa:14522

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Keywords: tragedy of the commons; insularity; problem of induction; methodology; sub-national island jurisdiction; prince edward island; cancer; bravo; potato production; Chlorothalonil Carcinogenicity; prince edward island development plan; confederation bridge; prince edward island tourism;

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  1. Bruno S. Frey & Alois Stutzer, . "Happiness, Economy and Institutions," IEW - Working Papers 015, Institute for Empirical Research in Economics - University of Zurich.
  2. Frey, Bruno S. & Benesch, Christine & Stutzer, Alois, 2007. "Does watching TV make us happy?," Journal of Economic Psychology, Elsevier, vol. 28(3), pages 283-313, June.
  3. Arnason, Ragnar & Hannesson, Rögnvaldur & Schrank, William E., 2000. "Costs of fisheries management: the cases of Iceland, Norway and Newfoundland," Marine Policy, Elsevier, vol. 24(3), pages 233-243, May.
  4. Ernst Fehr & Urs Fischbacher, 2004. "Social norms and human cooperation," Macroeconomics 0409026, EconWPA.
  5. Roger Myerson, 2009. "Fundamental theory of institutions: a lecture in honor of Leo Hurwicz," Review of Economic Design, Springer, vol. 13(1), pages 59-75, April.
  6. Bruno S. Frey & Alois Stutzer, 2001. "What Can Economists Learn from Happiness Research?," CESifo Working Paper Series 503, CESifo Group Munich.
  7. Danielsson, Jon, 2002. "The emperor has no clothes: Limits to risk modelling," Journal of Banking & Finance, Elsevier, vol. 26(7), pages 1273-1296, July.
  8. Arnason, Ragnar & Baldursson, Fridrik M. & Sturluson, Jon Thor, 2006. "Editorial," Journal of Economic Behavior & Organization, Elsevier, vol. 61(2), pages 145-148, October.
  9. Scott Beaulier & Bryan Caplan, 2007. "Behavioral Economics and Perverse Effects of the Welfare State," Kyklos, Wiley Blackwell, vol. 60(4), pages 485-507, November.
  10. Baldacchino, Godfrey, 2006. "Innovative development strategies from Non-Sovereign Island jurisdictions? A global review of economic policy and governance practices," World Development, Elsevier, vol. 34(5), pages 852-867, May.
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