Fisheries Instrument Choice under Uncertainty

Output versus Input Controls under Uncertainty: the Case of a Fishery

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...

The Effect Of Salvage Market On Strategic Technology Choice And Capacity Investment Decision Of Firm Under Demand Uncertainty

Robust Dynamic Optimization and Natural Resource Management: Numerical Methods and Fisheries Management

Most resource management problems exist in a setting of not only risk, but of Knightian uncertainty. That is, not only is the problem stochastic, the underlying distribution for this randomness is not known with certainty and is difficult to recover. When faced with such problems of uncertainty or ambiguity, many decision makers do not follow a simple subjective expected utility type behavior (...

Correlated Uncertainty and Policy Instrument Choice

For two decades, environmental economists have generally maintained that benefit uncertainty is irrelevant for choosing between price and quantity instruments, but that cost uncertainty matters, with the identity of the efficient instrument depending upon the relative slopes of the marginal benefit and cost functions. But, in the presence of simultaneous, correlated uncertainty, such policy ins...

Individual vs. Collective Quotas in Fisheries Management Under Uncertainty

Rights-based approaches (e.g., ITQs, TURFs, collectives/cooperatives) are increasingly popular throughout the world, but there is relatively little theoretical literature comparing individual vs. collective approaches. This paper presents a stylized model that allows for such a comparison in a context where there is harvest uncertainty (and hence the potential for risk sharing) as well as poten...