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Econometric modeling of fisheries with complex life histories: Avoiding biological management failures

Author Info

  • Smith, Martin D.
  • Zhang, Junjie
  • Coleman, Felicia C.

Abstract

Economics of the fishery has focused on the wastefulness of common pool resource exploitation. Pure open access fisheries dissipate economic rents and degrade biological stocks. Biologically managed fisheries also dissipate rents but are thought to hold biological stocks at desired levels. We develop and estimate an empirical bioeconomic model of the Gulf of Mexico gag fishery that questions the presumptive success of biological management. Unlike previous bioeconomic life history studies, we provide a way to circumvent calibration problems by embedding our estimation routine directly in the dynamic bioeconomic model. We nest a standard biological management model that accounts for complex life history characteristics of the gag. Biological intuition suggests that a spawning season closure will reduce fishing pressure and increase stocks, and simulations of the biological management model confirm this finding. However, simulations of the empirical bioeconomic model suggest that these intended outcomes of the spawning closure do not materialize. The behavioral response to the closure appears to be so pronounced that it offsets the restriction in allowable fishing days. Our results indicate that failure to account for fishing behavior may play an important role in fishery management failures.

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File URL: http://www.sciencedirect.com/science/article/pii/S0095-0696(08)00018-1
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Article provided by Elsevier in its journal Journal of Environmental Economics and Management.

Volume (Year): 55 (2008)
Issue (Month): 3 (May)
Pages: 265-280

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Handle: RePEc:eee:jeeman:v:55:y:2008:i:3:p:265-280
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622870

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  10. Trond Bjorndal & Jon M. Conrad, 1987. "The Dynamics of an Open Access Fishery," Canadian Journal of Economics, Canadian Economics Association, vol. 20(1), pages 74-85, February.
  11. Boyce, John R., 2004. "Instrument choice in a fishery," Journal of Environmental Economics and Management, Elsevier, vol. 47(1), pages 183-206, January.
  12. Bockstael, Nancy E. & Opaluch, James J., 1983. "Discrete modelling of supply response under uncertainty: The case of the fishery," Journal of Environmental Economics and Management, Elsevier, vol. 10(2), pages 125-137, June.
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Cited by:

  1. Newbold, Stephen C. & Massey, D. Matthew, 2010. "Recreation demand estimation and valuation in spatially connected systems," Resource and Energy Economics, Elsevier, vol. 32(2), pages 222-240, April.
  2. Florian Diekert, 2012. "Growth Overfishing: The Race to Fish Extends to the Dimension of Size," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 52(4), pages 549-572, August.
  3. Huang, Ling & Smith, Martin D., 2011. "Management of an annual fishery in the presence of ecological stress: The case of shrimp and hypoxia," Ecological Economics, Elsevier, vol. 70(4), pages 688-697, February.
  4. Stephen Kasperski, 2015. "Optimal Multi-species Harvesting in Ecologically and Economically Interdependent Fisheries," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 61(4), pages 517-557, August.
  5. Stafford, Tess, 2012. "Ignoring the Multi-species Aspect of Labor Supply Decisions in Spatially Explicit Bio-economic Fishery Models," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124367, Agricultural and Applied Economics Association.
  6. Springborn, Michael & Sanchirico, James N., 2013. "A density projection approach for non-trivial information dynamics: Adaptive management of stochastic natural resources," Journal of Environmental Economics and Management, Elsevier, vol. 66(3), pages 609-624.
  7. Asche, Frank & Smith, Martin D., 2010. "Trade and fisheries: Key issues for the World Trade Organization," WTO Staff Working Papers ERSD-2010-03, World Trade Organization (WTO), Economic Research and Statistics Division.
  8. Carson, Richard T & Murray, Jason H., 2012. "Fisheries Management Implications of Intrinsic Under Identification of Growth Equation Parameters," University of California at San Diego, Economics Working Paper Series qt8bw0b76s, Department of Economics, UC San Diego.
  9. Tahvonen, Olli, 2009. "Economics of harvesting age-structured fish populations," Journal of Environmental Economics and Management, Elsevier, vol. 58(3), pages 281-299, November.
  10. Gutiérrez Huerta, María José & Da Rocha, José María, 2009. "Reference Points and Optimal Management in Stochastic Age-Structured Fisheries Models," DFAEII Working Papers 2009-02, University of the Basque Country - Department of Foundations of Economic Analysis II.
  11. Weninger, Quinn, 2008. "Individual Fishing Quotas in the Eastern Gulf of Mexico Grouper Fishery: Fleet Restructuring, Effort Reduction and Cost Savings," Staff General Research Papers Archive 12890, Iowa State University, Department of Economics.
  12. Chen, Yong & Jayaprakash, Ciriyam & Irwin, Elena, 2012. "Threshold management in a coupled economic–ecological system," Journal of Environmental Economics and Management, Elsevier, vol. 64(3), pages 442-455.
  13. Florian Diekert & Dag Hjermann & Eric Nævdal & Nils Stenseth, 2010. "Spare the Young Fish: Optimal Harvesting Policies for North-East Arctic Cod," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 47(4), pages 455-475, December.

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