IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

An Experimental Analysis of Optimal Renewable Resource Management: The Fishery

  • Tibor Neugebauer

    ()

    (Luxembourg School of Finance, University of Luxembourg)

  • John D. Hey

    ()

    (University of York, England)

  • K Sadrieh

    ()

    (University of Magdeburg, Germany)

This paper experimentally studies the extraction decisions of a sole-owner ina fishery, the population dynamics of which behave according to the standard deterministic logistic growth model. Four treatments were implemented which differed in the level of information supplied to the experimental subjects. The theoretical solution was used to evaluate the behaviour of experimental subjects. The data reveal high efficiency losses due to the lack of information on population dynamics and stock size. Efficiency varied between treatments according to the information conditions.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.lsf.lu/eng/content/download/866/4326/file/08-10.pdf
Our checks indicate that this address may not be valid because: 404 Not Found (http://www.lsf.lu/eng/content/download/866/4326/file/08-10.pdf [302 Found]--> http://www.uni.lu/luxembourg_school_of_finance/eng/content/download/866/4326/file/08-10.pdf [301 Moved Permanently]--> http://wwwfr.uni.lu/luxembourg_school_of_finance/eng/content/download/866/4326/file/08-10.pdf). If this is indeed the case, please notify (Martine Zenner)


Download Restriction: no

Paper provided by Luxembourg School of Finance, University of Luxembourg in its series LSF Research Working Paper Series with number 08-10.

as
in new window

Length:
Date of creation: 2008
Date of revision:
Handle: RePEc:crf:wpaper:08-10
Contact details of provider: Postal: Bâtiment K2, 4, rue Albert Borschette, L-1246 Luxembourg-Kirchberg
Phone: +352 46 66 44 6335
Fax: +352 46 66 44 6811
Web page: http://wwwen.uni.lu/luxembourg_school_of_finance
Email:


More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Erling Moxnes, 1998. "Not Only the Tragedy of the Commons: Misperceptions of Bioeconomics," Management Science, INFORMS, vol. 44(9), pages 1234-1248, September.
  2. Brekke, Kjell Arne & Moxnes, Erling, 2003. "Do numerical simulation and optimization results improve management?: Experimental evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 50(1), pages 117-131, January.
  3. Mason, Charles F. & Phillips, Owen R., 1997. "Mitigating the Tragedy of the Commons through Cooperation: An Experimental Evaluation," Journal of Environmental Economics and Management, Elsevier, vol. 34(2), pages 148-172, October.
  4. Richard Bellman, 1957. "On a Dynamic Programming Approach to the Caterer Problem--I," Management Science, INFORMS, vol. 3(3), pages 270-278, April.
  5. Sterman, John D., 1989. "Deterministic chaos in an experimental economic system," Journal of Economic Behavior & Organization, Elsevier, vol. 12(1), pages 1-28, August.
  6. Schnier, Kurt E. & Anderson, Christopher M., 2006. "Decision making in patchy resource environments: Spatial misperception of bioeconomic models," Journal of Economic Behavior & Organization, Elsevier, vol. 61(2), pages 234-254, October.
  7. Sterman, John D., 1989. "Misperceptions of feedback in dynamic decision making," Organizational Behavior and Human Decision Processes, Elsevier, vol. 43(3), pages 301-335, June.
  8. Mark Paich & John D. Sterman, 1993. "Boom, Bust, and Failures to Learn in Experimental Markets," Management Science, INFORMS, vol. 39(12), pages 1439-1458, December.
  9. Moxnes, Erling, 2003. "Uncertain measurements of renewable resources: approximations, harvesting policies and value of accuracy," Journal of Environmental Economics and Management, Elsevier, vol. 45(1), pages 85-108, January.
  10. Abbink, Klaus & Abdolkarim Sadrieh, 1995. "RatImage - research Assistance Toolbox for Computer-Aided Human Behavior Experiments," Discussion Paper Serie B 325, University of Bonn, Germany.
  11. Diehl, Ernst & Sterman, John D., 1995. "Effects of Feedback Complexity on Dynamic Decision Making," Organizational Behavior and Human Decision Processes, Elsevier, vol. 62(2), pages 198-215, May.
  12. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124.
  13. Moxnes, Erling, 1998. "Overexploitation of renewable resources: The role of misperceptions," Journal of Economic Behavior & Organization, Elsevier, vol. 37(1), pages 107-127, September.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:crf:wpaper:08-10. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Martine Zenner)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.