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Uncertain Biomass Shift and Collapse: Implications for Harvest Policy in the Fishery
Robert J. Johnston and Jon G. Sutinen
Vol. 72, No. 4 (Nov., 1996), pp. 500-518
Published by: University of Wisconsin Press
Stable URL: http://www.jstor.org/stable/3146912
Page Count: 19
You can always find the topics here!Topics: Species, Biomass, Steady state economies, Fishery economics, Fisheries policy, Fishery collapse, Environmental policy, Fisheries management, Renewable resources, Optimal policy
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This paper addresses uncertain biomass shifts in renewable resources. A biomass shift occurs when a dominant renewable resource stock collapses and its ecosystem niche is filled by a replacement species which increases in abundance after the initial collapse. This paper develops a bioeconomic model for a fishery subject to random biomass shift. Optimal policy for three causes of biomass shift-environmental perturbation, overfishing, and a combination of these two factors-is derived and compared to optimal policy when the risk of biomass shift is not present. For each cause of biomass shift, the model allows for a valued and non-valued replacement species.
Land Economics © 1996 Board of Regents of the University of Wisconsin System