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Specification of length of planning period and terminal value of fish stock

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Listed:
  • Cao, Liangyue
  • Hafi, Ahmed
  • Klijn, Nico

Abstract

In a dynamic bio-economic multi-cohort analysis of fishing for a long lived species there can be a significant terminal value problem. The way this problem is dealt with can have a significant bearing on optimal policy recommendations. In this study, a bio-economic model of the Southern Bluefin tuna fishery was specified to determine optimal harvests over planning periods of different length. In each case zero prices were assumed for fish stocks left over. It was found that optimal harvest levels can be affected if the planning period chosen for the model is not long enough to make the influence of the assumption of zero prices for leftover stocks negligible. Model parameter values, initial stock conditions and the policy controls all can have a significant influence on the choice of an appropriate length of the planning period. Apart from increasing the length of the planning period while maintaining the assumption of zero prices for leftover fish stocks, positive price estimates for leftover fish stocks can be used to provide end conditions on prices of leftover fish stocks.

Suggested Citation

  • Cao, Liangyue & Hafi, Ahmed & Klijn, Nico, 2001. "Specification of length of planning period and terminal value of fish stock," 2001 Conference (45th), January 23-25, 2001, Adelaide, Australia 125555, Australian Agricultural and Resource Economics Society.
    • Handle: RePEc:ags:aare01:125555
    DOI: 10.22004/ag.econ.125555
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    References listed on IDEAS

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    1. Kennedy, John O.S. & Pasternak, H., 1991. "Optimal Australian and Japanese Harvesting of Bluefin Tuna," 1991 Conference (35th), February 11-14, 1991, Armidale, Australia 145913, Australian Agricultural and Resource Economics Society.
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    1. Klieve, H. M. & MacAulay, T. Gordon, 1993. "A Game Theory Analysis Of Management Strategies For The Southern Bluefin Tuna Industry," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 37(1), pages 1-16, April.
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    Resource /Energy Economics and Policy;

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