IDEAS home Printed from
   My bibliography  Save this paper

On the Problem of Dependent People: hyperbolic discounting in Atlantic Canadian island jurisdictions


  • Funk, Matt


Prince Edward Island's Economics, Statistics and Federal Fiscal Relations Division's 33rd Annual Statistical Review reports the total value of 2006 fish landings was CAD $166.6 MM. This paper discloses a preliminary finding that the actual total value of fish landings for 2006 was approximately CAD 416.5 MM. Furthermore, this discourse submits that this entrenched systemic error has been consistently generated for all 33 years that the Annual Statistical Review has been published. Moreover, this systemic error creates a ripple-effect and promotes bias through all relative natural resource valuations. This significant conjecture is presented within an institutional context which serves as the foundation for this error generation, including other errors associated with The Problem of Induction and The Tragedy of the Commons. Within this broad context, this paper focuses upon deficient resource valuation methods, especially as they relate to dependency and valuation errors. Our analysis contrasts the failure of fishery management amongst dependent Canadian islanders,and the relative success of fishery management amongst independent Icelandic islanders. The possibilities that independent people enjoy higher levels of rationality, efficiency, happiness, economic sustainability, Darwinian fitness, resource holding power, and, are thus, ceteris paribus, less likely to commit errors associated with The Problem of Induction are taken into consideration. Likewise, consideration is given to the notion that dependent people are more likely to exhibit irrational behaviour, develop deeper dependencies, and to contribute to a wide array of maladaptive behaviours, such as those which exacerbate The Tragedy of the Commons.

Suggested Citation

  • Funk, Matt, 2007. "On the Problem of Dependent People: hyperbolic discounting in Atlantic Canadian island jurisdictions," MPRA Paper 14522, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:14522

    Download full text from publisher

    File URL:
    File Function: original version
    Download Restriction: no

    References listed on IDEAS

    1. Frey, Bruno S & Stutzer, Alois, 2000. "Happiness, Economy and Institutions," Economic Journal, Royal Economic Society, vol. 110(466), pages 918-938, October.
    2. Baldacchino, Godfrey, 2006. "Innovative development strategies from Non-Sovereign Island jurisdictions? A global review of economic policy and governance practices," World Development, Elsevier, vol. 34(5), pages 852-867, May.
    3. Bruno S. Frey & Alois Stutzer, 2002. "What Can Economists Learn from Happiness Research?," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 402-435, June.
    4. Roger Myerson, 2009. "Fundamental theory of institutions: a lecture in honor of Leo Hurwicz," Review of Economic Design, Springer;Society for Economic Design, vol. 13(1), pages 59-75, April.
    5. Danielsson, Jon, 2002. "The emperor has no clothes: Limits to risk modelling," Journal of Banking & Finance, Elsevier, vol. 26(7), pages 1273-1296, July.
    6. Frey, Bruno S. & Benesch, Christine & Stutzer, Alois, 2007. "Does watching TV make us happy?," Journal of Economic Psychology, Elsevier, vol. 28(3), pages 283-313, June.
    7. Ernst Fehr & Urs Fischbacher, 2004. "Social norms and human cooperation," Macroeconomics 0409026, EconWPA.
    8. Arnason, Ragnar & Baldursson, Fridrik M. & Sturluson, Jon Thor, 2006. "Editorial," Journal of Economic Behavior & Organization, Elsevier, vol. 61(2), pages 145-148, October.
    9. Arnason, Ragnar & Hannesson, Rögnvaldur & Schrank, William E., 2000. "Costs of fisheries management: the cases of Iceland, Norway and Newfoundland," Marine Policy, Elsevier, vol. 24(3), pages 233-243, May.
    10. Scott Beaulier & Bryan Caplan, 2007. "Behavioral Economics and Perverse Effects of the Welfare State," Kyklos, Wiley Blackwell, vol. 60(4), pages 485-507, November.
    Full references (including those not matched with items on IDEAS)

    More about this item


    tragedy of the commons; insularity; problem of induction; methodology; sub-national island jurisdiction; prince edward island; cancer; bravo; potato production; Chlorothalonil Carcinogenicity; prince edward island development plan; confederation bridge; prince edward island tourism;

    JEL classification:

    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy
    • Z10 - Other Special Topics - - Cultural Economics - - - General
    • R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:14522. 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: (Joachim Winter) or (Rebekah McClure). General contact details of provider: .

    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 CitEc recognized a reference but did not link an item in RePEc 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.