The University of Southampton
University of Southampton Institutional Repository

Fishery management under multiple uncertainty

Fishery management under multiple uncertainty
Fishery management under multiple uncertainty
Among others who point to environmental variability and managerial uncertainty as causes of fishery collapse, Roughgarden and Smith (Proc. Natl. Acad. Sci. 93 (1996) 5078) argue that three sources of uncertainty are important for fisheries management: variability in fish dynamics, inaccurate stock size estimates, and inaccurate implementation of harvest quotas.
We develop a bioeconomic model with these three sources of uncertainty, and solve for optimal escapement based on measurements of fish stock in a discrete-time model. Among other results we find: (1) when uncertainties are high, we generally reject the constant-escapement rule advocated in much of the existing literature, (2) inaccurate stock estimation affects policy in a fundamentally different way than the other sources of uncertainty, and (3) the optimal policy leads to significantly higher commercial profits and lower extinction risk than the optimal constant-escapement policy (by 42% and 56%, respectively).
fisheries management, uncertainty, risk, incomplete information, dynamic optimization, markovian process
300-318
Sethi, Gautam
589e5cfe-1e67-4d96-b457-e3742ee2bb92
Costello, Christopher
49a957b1-21b2-470f-864e-a85e6e9abdd5
Fisher, Anthony C.
549d479f-c5c5-4f96-add1-afccc07ee098
Hanemann, William Michael
fe3bd2a5-97cf-4db1-a42a-4e6ae4dc2e0b
Karp, Larry S.
aeaa7666-ca88-4f47-85c5-81043cdd8e8a
Sethi, Gautam
589e5cfe-1e67-4d96-b457-e3742ee2bb92
Costello, Christopher
49a957b1-21b2-470f-864e-a85e6e9abdd5
Fisher, Anthony C.
549d479f-c5c5-4f96-add1-afccc07ee098
Hanemann, William Michael
fe3bd2a5-97cf-4db1-a42a-4e6ae4dc2e0b
Karp, Larry S.
aeaa7666-ca88-4f47-85c5-81043cdd8e8a

Sethi, Gautam, Costello, Christopher, Fisher, Anthony C., Hanemann, William Michael and Karp, Larry S. (2005) Fishery management under multiple uncertainty. Journal of Environmental Economics and Management, 50 (2), 300-318. (doi:10.1016/j.jeem.2004.11.005).

Record type: Article

Abstract

Among others who point to environmental variability and managerial uncertainty as causes of fishery collapse, Roughgarden and Smith (Proc. Natl. Acad. Sci. 93 (1996) 5078) argue that three sources of uncertainty are important for fisheries management: variability in fish dynamics, inaccurate stock size estimates, and inaccurate implementation of harvest quotas.
We develop a bioeconomic model with these three sources of uncertainty, and solve for optimal escapement based on measurements of fish stock in a discrete-time model. Among other results we find: (1) when uncertainties are high, we generally reject the constant-escapement rule advocated in much of the existing literature, (2) inaccurate stock estimation affects policy in a fundamentally different way than the other sources of uncertainty, and (3) the optimal policy leads to significantly higher commercial profits and lower extinction risk than the optimal constant-escapement policy (by 42% and 56%, respectively).

Full text not available from this repository.

More information

Published date: 2005
Keywords: fisheries management, uncertainty, risk, incomplete information, dynamic optimization, markovian process

Identifiers

Local EPrints ID: 39700
URI: https://eprints.soton.ac.uk/id/eprint/39700
PURE UUID: 766a1443-58cb-4fb7-9675-f2848deed86d

Catalogue record

Date deposited: 29 Jun 2006
Last modified: 15 Jul 2019 19:00

Export record

Altmetrics

Download statistics

Downloads from ePrints over the past year. Other digital versions may also be available to download e.g. from the publisher's website.

View more statistics

Atom RSS 1.0 RSS 2.0

Contact ePrints Soton: eprints@soton.ac.uk

ePrints Soton supports OAI 2.0 with a base URL of https://eprints.soton.ac.uk/cgi/oai2

This repository has been built using EPrints software, developed at the University of Southampton, but available to everyone to use.

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive cookies on the University of Southampton website.

×