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Output versus input controls under uncertainty: the case of a fishery
journal contribution
posted on 2023-05-17, 01:12 authored by Satoshi YamazakiSatoshi Yamazaki, Kompas, T, Grafton, RQThe 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.
History
Publication title
Natural Resource ModelingVolume
22Pagination
212-236ISSN
0890-8575Department/School
TSBEPublisher
Wiley-BlackwellPlace of publication
United StatesRights statement
The definitive published version is available online at: http://www.interscience.wiley.comRepository Status
- Restricted