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Instabilities and Robust Control in Fisheries

Author

Listed:
  • Anastasios Xepapadeas

    (University of Crete, Department of Economics)

  • Catarina Roseta-Palma

    (Dep. Economia and DinĂ¢mia - ISCTE, Lisboa)

Abstract

Demand and supply analysis in fisheries often indicates the presence of instabilities and multiple equilibria, both in open access conditions and in the socially optimal solution. The associated management problems are further intensified by uncertainty on the evolution of the resource stock or on demand conditions. In this paper the fishery management problem is handled using robust optimal control, where the objective is to choose a harvesting rule that will work, in the sense of preventing instabilities and overfishing, under a range of admissible specifications for the stock recruitment equation. The paper derives robust harvesting rules, leading to a unique equilibrium, which could be used to design policy instruments such as robust quota systems.

Suggested Citation

  • Anastasios Xepapadeas & Catarina Roseta-Palma, 2003. "Instabilities and Robust Control in Fisheries," Working Papers 2003.110, Fondazione Eni Enrico Mattei.
  • Handle: RePEc:fem:femwpa:2003.110
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    File URL: http://www.feem.it/userfiles/attach/Publication/NDL2003/NDL2003-110.pdf
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    References listed on IDEAS

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    1. Weitzman, Martin L., 2002. "Landing Fees vs Harvest Quotas with Uncertain Fish Stocks," Journal of Environmental Economics and Management, Elsevier, vol. 43(2), pages 325-338, March.
    2. Conrad,Jon M. & Clark,Colin Whitcomb, 1988. "Natural Resource Economics," Cambridge Books, Cambridge University Press, number 9780521331883, March.
    3. Conrad,Jon M. & Clark,Colin Whitcomb, 1988. "Natural Resource Economics," Cambridge Books, Cambridge University Press, number 9780521337694, March.
    4. Thomas J. Sargent & LarsPeter Hansen, 2001. "Robust Control and Model Uncertainty," American Economic Review, American Economic Association, vol. 91(2), pages 60-66, May.
    5. McDonald, A. David & Hanf, Claus-Hennig, 1992. "Bio-economic stability of the north sea shrimp stock with endogenous fishing effort," Journal of Environmental Economics and Management, Elsevier, vol. 22(1), pages 38-56, January.
    6. Homans, Frances R. & Wilen, James E., 1997. "A Model of Regulated Open Access Resource Use," Journal of Environmental Economics and Management, Elsevier, vol. 32(1), pages 1-21, January.
    7. Cheve, Morgane & Congar, Ronan, 2000. "Optimal pollution control under imprecise environmental risk and irreversibility," Risk, Decision and Policy, Cambridge University Press, vol. 5(02), pages 151-164, June.
    8. Lars Peter Hansen & Thomas J. Sargent, 2001. "Acknowledging Misspecification in Macroeconomic Theory," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(3), pages 519-535, July.
    9. Tu, Pierre N. V. & Wilman, Elizabeth A., 1992. "A generalized predator- prey model: Uncertainty and management," Journal of Environmental Economics and Management, Elsevier, vol. 23(2), pages 123-138, September.
    10. Catarina Roseta-Palma & Anastasios Xepapadeas, 2004. "Robust Control in Water Management," Journal of Risk and Uncertainty, Springer, vol. 29(1), pages 21-34, July.
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    Cited by:

    1. Fidel Gonzalez, 2008. "Precautionary Principle and Robustness for a Stock Pollutant with Multiplicative Risk," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 41(1), pages 25-46, September.

    More about this item

    Keywords

    Fishery Management; Multiple Equilibria; Instabilities; Robust Control; Robust Harvesting Rules;

    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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    1. Socio-economics of Fisheries and Aquaculture

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