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Endogenous optimization fisheries models

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  • Ragnar Arnason

Abstract

This paper deals with a special class of fisheries models referred to as endogenous optimization models. The distinctive feature of these models is that behaviour of the agents in the model is not predetermined by exogenous behavioural rules. In endogenous optimization models, the model agents are merely furnished with objectives such as profit or utility maximization. Given these objectives and the various constraints determined by the state of the model at each point of time, the agents solve their maximization problem. The corresponding values of their control variables then constitute their behaviour. Having generated individual agents' behaviour by endogenous optimization, summing over agents yields aggregate behaviour. Aggregate behaviour must conform with the overall constraints of the model, be they physical or otherwise. Within the market system, individual behaviour or rather plans are made compatible via changes in relative prices. Therefore, outside equilibrium, behavioural plans must be repeatedly modified to become mutually compatible. This implies iteratively solving the maximization problem of a number of different agents. Endogenous optimization models therefore tend to be computationally very demanding. Clearly, the basic principles of endogenous optimization are just as applicable to any model involving maximizing agents. Copyright Kluwer Academic Publishers 2000

Suggested Citation

  • Ragnar Arnason, 2000. "Endogenous optimization fisheries models," Annals of Operations Research, Springer, vol. 94(1), pages 219-230, January.
    • Handle: RePEc:spr:annopr:v:94:y:2000:i:1:p:219-230:10.1023/a:1018956814317
    DOI: 10.1023/A:1018956814317
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    Cited by:

    1. José Da Rocha & María Gutiérrez, 2012. "Endogenous Fishery Management in a Stochastic Model: Why Do Fishery Agencies Use TACs Along with Fishing Periods?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 53(1), pages 25-59, September.
    2. Hans Frost & Peder Andersen & Ayoe Hoff, 2013. "Management of Complex Fisheries: Lessons Learned from a Simulation Model," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 61(2), pages 283-307, June.

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