Output Versus Input Controls Under Uncertainty: The Case of a Fishery

Satoshi Yamazaki, Thomas Kompas, Quentin Grafton

    Research output: Contribution to journalArticle

    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.
    Original languageEnglish
    Pages (from-to)212-236
    JournalNatural Resource Modeling
    Volume22
    DOIs
    Publication statusPublished - 2009

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