An Experimental Analysis of Optimal Renewable Resource Management: The Fishery

Tibor Neugebauer, John Denis Hey () and Abdolkarim Sadrieh ()

LSF Research Working Paper Series from Luxembourg School of Finance, University of Luxembourg

Abstract: This paper experimentally studies the extraction decisions of a sole-owner ina fishery, the population dynamics of which behave according to the standard deterministic logistic growth model. Four treatments were implemented which differed in the level of information supplied to the experimental subjects. The theoretical solution was used to evaluate the behaviour of experimental subjects. The data reveal high efficiency losses due to the lack of information on population dynamics and stock size. Efficiency varied between treatments according to the information conditions.

Keywords: Experimental economics; renewable resources; dynamic decision making; decisions under risk and uncertainty; misperceptions of feedback (search for similar items in EconPapers)
JEL-codes: C91 D81 Q22 (search for similar items in EconPapers)
Date: 2008
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Related works:
Journal Article: An Experimental Analysis of Optimal Renewable Resource Management: The Fishery (2009)
Working Paper: An Experimental Analysis of Optimal Renewable Resource Management: The Fishery (2002)
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