Abstract
This paper uses data from an actual fishery to construct a tractable, dynamic model to compare expected profit and its variance, optimal stock size, optimal harvest rate, and optimal fishing effort under different management regimes under uncertainty. The results provide a comparison of instrument choice between a total harvest control and a total effort control under uncertainty, an original method to evaluate the tradeoffs between profits and other criteria in a dynamic context, and insights regarding the relative merits of catch and effort controls in fisheries management.
| Original language | English |
|---|---|
| Pages (from-to) | 652-666 |
| Number of pages | 15 |
| Journal | Land Economics |
| Volume | 84 |
| Issue number | 4 |
| DOIs | |
| Publication status | Published - Nov 2008 |