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Fisheries Instrument Choice under Uncertainty

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  • Tom Kompas
  • Tuong Nhu Che
  • R. Quentin Grafton

Abstract

This paper uses data from an actual fishery to construct a tractable, dynamic model to compare expected profit and its variance, optimal stock size, optimal harvest rate, and optimal fishing effort under different management regimes under uncertainty. The results provide a comparison of instrument choice between a total harvest control and a total effort control under uncertainty, an original method to evaluate the tradeoffs between profits and other criteria in a dynamic context, and insights regarding the relative merits of catch and effort controls in fisheries management.

Suggested Citation

  • Tom Kompas & Tuong Nhu Che & R. Quentin Grafton, 2008. "Fisheries Instrument Choice under Uncertainty," Land Economics, University of Wisconsin Press, vol. 84(4), pages 652-666.
    • Handle: RePEc:uwp:landec:v:84:y:2008:i:4:p:652-666
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    References listed on IDEAS

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    1. Tom Kompas & Tuong Nhu Che & R. Quentin Grafton, 2004. "Technical efficiency effects of input controls: evidence from Australia's banana prawn fishery," Applied Economics, Taylor & Francis Journals, vol. 36(15), pages 1631-1641.
    2. Danielsson, Asgeir, 2002. "Efficiency of Catch and Effort Quotas in the Presence of Risk," Journal of Environmental Economics and Management, Elsevier, vol. 43(1), pages 20-33, January.
    3. James E. Kirkley & Dale Squires & Ivar E. Strand, 1995. "Assessing Technical Efficiency in Commercial Fisheries: The Mid-Atlantic Sea Scallop Fishery," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 77(3), pages 686-697.
    4. H. F. Campbell & R. K. Lindner, 1990. "The Production of Fishing Effort and the Economic Performance of Licence Limitation Programs," Land Economics, University of Wisconsin Press, vol. 66(1), pages 56-66.
    5. Clark, Colin W. & Kirkwood, Geoffrey P., 1986. "On uncertain renewable resource stocks: Optimal harvest policies and the value of stock surveys," Journal of Environmental Economics and Management, Elsevier, vol. 13(3), pages 235-244, September.
    6. 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.
    7. Lee G. Anderson, 1985. "Potential Economic Benefits from Gear Restrictions and License Limitation in Fisheries Regulation," Land Economics, University of Wisconsin Press, vol. 64(4), pages 409-418.
    8. Quiggin, John, 1992. "How to set catch quotas: A note on the superiority of constant effort rules," Journal of Environmental Economics and Management, Elsevier, vol. 22(2), pages 199-203, March.
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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. Stelios Rozakis & Athanasios Kampas, 2022. "An interactive multi-criteria approach to admit new members in international environmental agreements," Operational Research, Springer, vol. 22(4), pages 3461-3487, September.
    3. Astrid Hopfensitz & César Mantilla & Josepa Miquel-Florensa, 2019. "Catch Uncertainty and Reward Schemes in a Commons Dilemma: An Experimental Study," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 72(4), pages 1121-1153, April.

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    More about this item

    JEL classification:

    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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