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Dynamic modeling of pulse fishing: A game theoretic approach

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  • Halkos, George
  • Papageorgiou, George

Abstract

This paper is concerned with the classic topic of intertemporal resource economics: the optimal harvesting of renewable natural resources over time by one and several resource owners with conflicting interests. The traditional management model, dating back to Plourde (1970), is extended towards a two–state model in which harvesting equipment is treated as a stock variable. As a consequence of this extension, equilibrium dynamics with bifurcations and limit cycles occur. We also discuss conflicts as a game with two types of players involved: the traditional fishermen armed with the basic equipment and the heavy equipment users. Both players have a common depletion function, considered as harvesting, which is dependent together on personal effort and on intensity of equipment’s usage.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 47871.

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Date of creation: Mar 2013
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Handle: RePEc:pra:mprapa:47871

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Keywords: Renewable resources; exploitation of natural resources; optimal control; differential games.;

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  1. Halkos, George & Papageorgiou, George, 2012. "Simple taxation schemes on non–renewable resources extraction," MPRA Paper 40945, University Library of Munich, Germany.
  2. Halkos, George, 2010. "Dynamic optimization in natural resources management," MPRA Paper 24744, University Library of Munich, Germany.
  3. Halkos, George & Papageorgiou, George, 2012. "Pollution abatement and reservation prices in a market game," MPRA Paper 42150, University Library of Munich, Germany.
  4. Karl Farmer, 2000. "Intergenerational natural-capital equality in an overlapping-generations model with logistic regeneration," Journal of Economics, Springer, vol. 72(2), pages 129-152, June.
  5. Engelbert Dockner & Gustav Feichtinger, 1991. "On the optimality of limit cycles in dynamic economic systems," Journal of Economics, Springer, vol. 53(1), pages 31-50, February.
  6. Tracy R. Lewis & Richard Schmalensee, 1979. "Non-convexity and Optimal Harvesting Strategies for Renewable Resources," Canadian Journal of Economics, Canadian Economics Association, vol. 12(4), pages 677-91, November.
  7. Smith, Vernon L, 1969. "On Models of Commercial Fishing," Journal of Political Economy, University of Chicago Press, vol. 77(2), pages 181-98, March/Apr.
  8. Dockner,Engelbert J. & Jorgensen,Steffen & Long,Ngo Van & Sorger,Gerhard, 2000. "Differential Games in Economics and Management Science," Cambridge Books, Cambridge University Press, number 9780521637329.
  9. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124.
  10. Bjorndal, Trond, 1987. " Production Economics and Optimal Stock Size in a North Atlantic Fishery," Scandinavian Journal of Economics, Wiley Blackwell, vol. 89(2), pages 145-64.
  11. Halkos, George & Papageorgiou, George, 2008. "Extraction of non-renewable resources: a differential game approach," MPRA Paper 37596, University Library of Munich, Germany.
  12. Wolfgang Ströbele & Holger Wacker, 1995. "The economics of harvesting predator-prey systems," Journal of Economics, Springer, vol. 61(1), pages 65-81, February.
  13. Levhari, D. & Withagen, C.A.A.M., 1992. "Optimal management of the growth potential of renewable resources," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3107036, Tilburg University.
  14. M. Liski, P.M. Kort, A.J. Novak, 2001. "Increasing returns and cycles in fishing," Computing in Economics and Finance 2001 126, Society for Computational Economics.
  15. Dawid, Herbert & Kopel, Michael, 1997. "On the Economically Optimal Exploitation of a Renewable Resource: The Case of a Convex Environment and a Convex Return Function," Journal of Economic Theory, Elsevier, vol. 76(2), pages 272-297, October.
  16. Plourde, C G, 1970. "A Simple Model of Replenishable Natural Resource Exploitation," American Economic Review, American Economic Association, vol. 60(3), pages 518-22, June.
  17. Clark, Colin W, 1973. "Profit Maximization and the Extinction of Animal Species," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 950-61, July-Aug..
  18. Wirl Franz, 1995. "The Cyclical Exploitation of Renewable Resource Stocks May Be Optimal," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 252-261, September.
  19. Berck, Peter, 1981. "Optimal management of renewable resources with growing demand and stock externalities," Journal of Environmental Economics and Management, Elsevier, vol. 8(2), pages 105-117, June.
  20. Clark, Colin W. & Munro, Gordon R., 1975. "The economics of fishing and modern capital theory: A simplified approach," Journal of Environmental Economics and Management, Elsevier, vol. 2(2), pages 92-106, December.
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