TY - JOUR
T1 - Output versus input controls under uncertainty
T2 - The case of a fishery
AU - Yamazaki, Satoshi
AU - Kompas, Tom
AU - Grafton, R. Quentin
PY - 2009
Y1 - 2009
N2 - 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.
AB - 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.
KW - Bioeconomic model
KW - Fisheries management
KW - Multiple uncertainties
UR - http://www.scopus.com/inward/record.url?scp=65449165004&partnerID=8YFLogxK
U2 - 10.1111/j.1939-7445.2008.00034.x
DO - 10.1111/j.1939-7445.2008.00034.x
M3 - Article
SN - 0890-8575
VL - 22
SP - 212
EP - 236
JO - Natural Resource Modeling
JF - Natural Resource Modeling
IS - 2
ER -