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Output versus input controls under uncertainty: the case of a fishery

Citation

Yamazaki, S and Kompas, T and Grafton, RQ, Output versus input controls under uncertainty: the case of a fishery, Natural Resource Modeling, 22, (2) pp. 212-236. ISSN 0890-8575 (2009) [Refereed Article]


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Copyright Statement

The definitive published version is available online at: http://www.interscience.wiley.com

Official URL: http://www.interscience.wiley.com

DOI: doi:10.1111/j.1939-7445.2008.00034.x

Abstract

The paper compares the management outcomes with a total allowable catch (TAC) and a total allowable effort (TAE) in a fishery under uncertainty. Using a dynamic programming model with multiple uncertainties and estimated growth, harvest, and effort functions from one of the world's largest fisheries, the relative economic and biological benefits of a TAC and TAE are compared and contrasted in a stochastic environment. This approach provides a decision and modeling framework to compare instruments and achieve desired management goals. A key finding is that neither instrument is always preferred in a world of uncertainty and that regulator's risk aversion and weighting in terms of expected net profits and biomass, and the trade-offs in terms of expected values and variance determine instrument choice.

Item Details

Item Type:Refereed Article
Keywords:fisheries management, bioeconomic model, multiple uncertainties
Research Division:Economics
Research Group:Applied Economics
Research Field:Labour Economics
Objective Division:Economic Framework
Objective Group:Microeconomics
Objective Field:Human Capital Issues
Author:Yamazaki, S (Dr Satoshi Yamazaki)
ID Code:60321
Year Published:2009
Web of Science® Times Cited:6
Deposited By:Economics and Finance
Deposited On:2010-01-29
Last Modified:2015-01-12
Downloads:0

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