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Fisheries Management Under Cyclical Population Dynamics

Author

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  • Richard Carson

    ()

  • Clive Granger

    ()

  • Jeremy Jackson

    ()

  • Wolfram Schlenker

    ()

Abstract

Almost all fisher models assume time-invariant parameter values of the underlying biological growth function except for an i.i.d. error term. We examine the economic implications of cyclical growth parameters in both single and multi-species models, which are frequently observed in many real-world fisheries. Neither optimal harvest rates nor optimal escapement (remaining fish stock after fishing) remain constant as current models would predict. The amplitude of the optimal escapement is incrasing in the amplitude of the biological growth function. Moreover, the optimal harvest rate lags the cycle of the biological growth function, i.e., the highest harvest rate is observed after biological conditionos have started to decline and the optimum escapement level has alrady decreased. This is in sharp contrast to current policies which are in phase with biological conditions and hence imply and increasea/decrease in harvest quotas when the biological system is improving/deteriorating. In our model, harvest closures are only optimal during time periods when growth parameters are improving most rapidly. We show that once the periodicity of the biological growth function is incorporated, many of the traditional policy prescriptions reverse.
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Suggested Citation

  • Richard Carson & Clive Granger & Jeremy Jackson & Wolfram Schlenker, 2009. "Fisheries Management Under Cyclical Population Dynamics," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 42(3), pages 379-410, March.
  • Handle: RePEc:kap:enreec:v:42:y:2009:i:3:p:379-410
    DOI: 10.1007/s10640-008-9254-4
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    References listed on IDEAS

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    1. Singh, Rajesh & Weninger, Quinn & Doyle, Matthew, 2006. "Fisheries management with stock growth uncertainty and costly capital adjustment," Journal of Environmental Economics and Management, Elsevier, vol. 52(2), pages 582-599, September.
    2. Reed, William J., 1979. "Optimal escapement levels in stochastic and deterministic harvesting models," Journal of Environmental Economics and Management, Elsevier, vol. 6(4), pages 350-363, December.
    3. Berck, Peter & Perloff, Jeffrey M, 1984. "An Open-Access Fishery with Rational Expectations," Econometrica, Econometric Society, vol. 52(2), pages 489-506, March.
    4. Newell, Richard G. & Sanchirico, James N. & Kerr, Suzi, 2005. "Fishing quota markets," Journal of Environmental Economics and Management, Elsevier, vol. 49(3), pages 437-462, May.
    5. Robert S. Pindyck, 1984. "Uncertainty in the Theory of Renewable Resource Markets," Review of Economic Studies, Oxford University Press, vol. 51(2), pages 289-303.
    6. Sethi, Gautam & Costello, Christopher & Fisher, Anthony & Hanemann, Michael & Karp, Larry, 2005. "Fishery management under multiple uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 300-318, September.
    7. Christopher Costello & Stephen Polasky & Andrew Solow, 2001. "Renewable resource management with environmental prediction," Canadian Journal of Economics, Canadian Economics Association, vol. 34(1), pages 196-211, February.
    8. Walker, James M. & Gardner, Roy & Ostrom, Elinor, 1990. "Rent dissipation in a limited-access common-pool resource: Experimental evidence," Journal of Environmental Economics and Management, Elsevier, vol. 19(3), pages 203-211, November.
    9. James Kirkley & Catherine Morrison Paul & Dale Squires, 2002. "Capacity and Capacity Utilization in Common-pool Resource Industries," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 22(1), pages 71-97, June.
    10. Hannesson, Rognvaldur & Steinshamn, Stein Ivar, 1991. "How to set catch quotas: Constant effort or constant catch?," Journal of Environmental Economics and Management, Elsevier, vol. 20(1), pages 71-91, January.
    11. Doyle, Matthew & Singh, Rajesh & Weninger, Quinn, 2006. "Fisheries Management with Stock Uncertainty and Costly Capital Adjustment," Staff General Research Papers Archive 12770, Iowa State University, Department of Economics.
    12. Anthony Scott, 1955. "The Fishery: The Objectives of Sole Ownership," Journal of Political Economy, University of Chicago Press, vol. 63, pages 116-116.
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    Cited by:

    1. Costello, Christopher & Quérou, Nicolas & Tomini, Agnes, 2015. "Partial enclosure of the commons," Journal of Public Economics, Elsevier, vol. 121(C), pages 69-78.
    2. repec:kap:enreec:v:67:y:2017:i:2:d:10.1007_s10640-015-9983-0 is not listed on IDEAS
    3. Michele Baggio, 2016. "Optimal Fishery Management with Regime Shifts: An Assessment of Harvesting Strategies," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 64(3), pages 465-492, July.
    4. McGough Bruce & Plantinga Andrew J. & Costello Christopher, 2009. "Optimally Managing a Stochastic Renewable Resource under General Economic Conditions," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 9(1), pages 1-31, December.
    5. 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.
    6. Baggio, Michele & Fackler, Paul L., 2016. "Optimal management with reversible regime shifts," Journal of Economic Behavior & Organization, Elsevier, vol. 132(PB), pages 124-136.

    More about this item

    Keywords

    Cyclical growth parameters; Environmental fluctuations; Gordon-Schaefer model; Q22; D78;

    JEL classification:

    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation

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