Strategic Harvesting of Age-Structured Populations

Martin Quaas and Olli Tahvonen

Marine Resource Economics, 2019, vol. 34, issue 4, 291 - 309

Abstract: We study the strategic exploitation of an age-structured, common-property resource, where agents target different age classes. We present the first closed form solution for the optimal harvesting of an age-structured population, and we derive closed-form solutions for the Markov-perfect Nash equilibrium, thus extending the ‘second-generation fish war’ literature by studying a structured resource rather than a simple biomass setting. We derive conditions under which the different age classes are subject to overfishing in the non-cooperative setting, as harvest quantities are strictly higher than in the cooperative optimum, but also characterize conditions under which some age classes may be underfished.

Date: 2019
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