Journal article

OUTPUT VERSUS INPUT CONTROLS UNDER UNCERTAINTY: THE CASE OF A FISHERY

Satoshi Yamazaki, Tom Kompas, R Quentin Grafton

Natural Resource Modeling | WILEY | Published : 2009

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..

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University of Melbourne Researchers