An Experimental Analysis of Optimal Renewable Resource Management: The Fishery
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.
|Date of creation:||2008|
|Date of revision:|
|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
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.:
- 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.
- Richard Bellman, 1957. "On a Dynamic Programming Approach to the Caterer Problem--I," Management Science, INFORMS, vol. 3(3), pages 270-278, April.
- 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.
- 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.
- 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.
- 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.
- Moxnes, Erling, 1998. "Overexploitation of renewable resources: The role of misperceptions," Journal of Economic Behavior & Organization, Elsevier, vol. 37(1), pages 107-127, September.
- Sterman, John D., 1989. "Deterministic chaos in an experimental economic system," Journal of Economic Behavior & Organization, Elsevier, vol. 12(1), pages 1-28, August.
- 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.
- 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.
- Erling Moxnes, 1998. "Not Only the Tragedy of the Commons: Misperceptions of Bioeconomics," Management Science, INFORMS, vol. 44(9), pages 1234-1248, September.
- 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.
- Abbink, Klaus & Abdolkarim Sadrieh, 1995. "RatImage - research Assistance Toolbox for Computer-Aided Human Behavior Experiments," Discussion Paper Serie B 325, University of Bonn, Germany.
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 references are entirely missing, you can add them using this form.