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Fisheries Instrument Choice under Uncertainty

Author

Listed:
  • 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

    as
    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. 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.
    3. 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.
    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. 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.
    6. 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.

    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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