Fisheries Optimal Harvest Under Price and Biomass Uncertainty

Jose Pizarro () and Eduardo Schwartz
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Jose Pizarro: University of British Columbia
Eduardo Schwartz: Simon Fraser University

Environmental & Resource Economics, 2021, vol. 78, issue 1, No 5, 147-175

Abstract: Abstract This article develops and implements a stochastic optimal control approach to value renewable natural resources in the case of Marine Fisheries. The model includes two sources of uncertainty: the resource biomass and the price of fish, and it can be used by fisheries and regulators to optimally adapt their harvesting strategy to changing conditions in these stochastic variables. The model also features realistic operational cash flows. Using publicly available data on the British Columbia halibut fishery, the required parameters are estimated and the model is solved. The results indicate that price uncertainty is especially important in valuing fisheries and determining the optimal harvesting policy.

Keywords: Renewable resources and conservation; Fisheries rights valuation; Sustainable harvesting; Q20; Q22; G10; G13; G31 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (3)

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DOI: 10.1007/s10640-020-00528-8

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