Model experiment on optimal size of a fish stock with environmental uncertainties
We analyze the effect of environmental uncertainties on optimal fishery management in a bio-economic fishery model. Unlike most of the literature on resource economics, but in line with ecological models, we allow the different biological processes of survival and recruitment to be affected differen...
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ftpangaea:oai:pangaea.de:doi:10.1594/PANGAEA.843026 2023-05-15T17:51:10+02:00 Model experiment on optimal size of a fish stock with environmental uncertainties Kapaun, Ute Quaas, Martin 2015-02-20 application/zip, 55.8 kBytes https://doi.pangaea.de/10.1594/PANGAEA.843026 https://doi.org/10.1594/PANGAEA.843026 en eng PANGAEA https://doi.pangaea.de/10.1594/PANGAEA.843026 https://doi.org/10.1594/PANGAEA.843026 CC-BY-3.0: Creative Commons Attribution 3.0 Unported Access constraints: unrestricted info:eu-repo/semantics/openAccess CC-BY Supplement to: Kapaun, Ute; Quaas, Martin (2012): Does the Optimal Size of a Fish Stock Increase with Environmental Uncertainties? Environmental and Resource Economics, 54(2), 293-310, https://doi.org/10.1007/s10640-012-9606-y BIOACID Biological Impacts of Ocean Acidification Dataset 2015 ftpangaea https://doi.org/10.1594/PANGAEA.843026 https://doi.org/10.1007/s10640-012-9606-y 2023-01-20T09:05:20Z We analyze the effect of environmental uncertainties on optimal fishery management in a bio-economic fishery model. Unlike most of the literature on resource economics, but in line with ecological models, we allow the different biological processes of survival and recruitment to be affected differently by environmental uncertainties. We show that the overall effect of uncertainty on the optimal size of a fish stock is ambiguous, depending on the prudence of the value function. For the case of a risk-neutral fishery manager, the overall effect depends on the relative magnitude of two opposing effects, the 'convex-cost effect' and the 'gambling effect'. We apply the analysis to the Baltic cod and the North Sea herring fisheries, concluding that for risk neutral agents the net effect of environmental uncertainties on the optimal size of these fish stocks is negative, albeit small in absolute value. Under risk aversion, the effect on optimal stock size is positive for sufficiently high coefficients of constant relative risk aversion. Dataset Ocean acidification PANGAEA - Data Publisher for Earth & Environmental Science |
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Open Polar |
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PANGAEA - Data Publisher for Earth & Environmental Science |
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ftpangaea |
language |
English |
topic |
BIOACID Biological Impacts of Ocean Acidification |
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BIOACID Biological Impacts of Ocean Acidification Kapaun, Ute Quaas, Martin Model experiment on optimal size of a fish stock with environmental uncertainties |
topic_facet |
BIOACID Biological Impacts of Ocean Acidification |
description |
We analyze the effect of environmental uncertainties on optimal fishery management in a bio-economic fishery model. Unlike most of the literature on resource economics, but in line with ecological models, we allow the different biological processes of survival and recruitment to be affected differently by environmental uncertainties. We show that the overall effect of uncertainty on the optimal size of a fish stock is ambiguous, depending on the prudence of the value function. For the case of a risk-neutral fishery manager, the overall effect depends on the relative magnitude of two opposing effects, the 'convex-cost effect' and the 'gambling effect'. We apply the analysis to the Baltic cod and the North Sea herring fisheries, concluding that for risk neutral agents the net effect of environmental uncertainties on the optimal size of these fish stocks is negative, albeit small in absolute value. Under risk aversion, the effect on optimal stock size is positive for sufficiently high coefficients of constant relative risk aversion. |
format |
Dataset |
author |
Kapaun, Ute Quaas, Martin |
author_facet |
Kapaun, Ute Quaas, Martin |
author_sort |
Kapaun, Ute |
title |
Model experiment on optimal size of a fish stock with environmental uncertainties |
title_short |
Model experiment on optimal size of a fish stock with environmental uncertainties |
title_full |
Model experiment on optimal size of a fish stock with environmental uncertainties |
title_fullStr |
Model experiment on optimal size of a fish stock with environmental uncertainties |
title_full_unstemmed |
Model experiment on optimal size of a fish stock with environmental uncertainties |
title_sort |
model experiment on optimal size of a fish stock with environmental uncertainties |
publisher |
PANGAEA |
publishDate |
2015 |
url |
https://doi.pangaea.de/10.1594/PANGAEA.843026 https://doi.org/10.1594/PANGAEA.843026 |
genre |
Ocean acidification |
genre_facet |
Ocean acidification |
op_source |
Supplement to: Kapaun, Ute; Quaas, Martin (2012): Does the Optimal Size of a Fish Stock Increase with Environmental Uncertainties? Environmental and Resource Economics, 54(2), 293-310, https://doi.org/10.1007/s10640-012-9606-y |
op_relation |
https://doi.pangaea.de/10.1594/PANGAEA.843026 https://doi.org/10.1594/PANGAEA.843026 |
op_rights |
CC-BY-3.0: Creative Commons Attribution 3.0 Unported Access constraints: unrestricted info:eu-repo/semantics/openAccess |
op_rightsnorm |
CC-BY |
op_doi |
https://doi.org/10.1594/PANGAEA.843026 https://doi.org/10.1007/s10640-012-9606-y |
_version_ |
1766158233579290624 |