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Fisheries Instrument Choice under Uncertainty

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. (JEL Q22, D81)

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				A. E. Punt, R. A. Deng, C. M. Dichmont, T. Kompas, W. N. Venables, S. Zhou, S. Pascoe, T. Hutton, R. Kenyon, T. van der Velde, et al. Integrating size-structured assessment and bioeconomic management advice in Australia's northern prawn fishery ICES J. Mar. Sci., May 3, 2010; (2010) fsq037v1. [Abstract] [Full Text] [PDF]