Regime Shifts and Resilience in Fisheries Management: A Case Study of the Argentinean Hake fishery
2016 (English)In: Environmental and Resource Economics, ISSN 0924-6460, E-ISSN 1573-1502, Vol. 65, no 3, 623-637 p.Article in journal (Refereed) Published
We investigate the role of potential regime shifts in Argentinean hake fishery and the inter-linkage between ecological and economic resilience. We develop a theoretical model incorporated with the hazard function for resource management under alternative conditions, and derive the corrective tax. Applying the model to the case of Argentinean hake fishery, we obtain insights for fishery management in the presence of risk for a regime shift. Based on three value functions, our model simulation indicates that the higher the relative loss from the fishery collapse, the more important the risk management would be with the resilience value taken into account. A higher level of fish stock leads to a higher optimized value and a lower corrective tax rate. When the stock level is lower, we need to introduce a higher tax rate to best avoid the fishery collapse. Decomposing the marginal value of the fish stock into a stock service value for fish production and a resilience value for flip risk reduction, we find that a higher fish stock leads to a lower tax rate because of the higher resilience of the fish stock, and hence the corrective tax rate as an instrument for managing fishery becomes less important.
Place, publisher, year, edition, pages
2016. Vol. 65, no 3, 623-637 p.
Regime shifts, Resilience, Corrective tax, Marine ecosystems, Argentinean hake fishery (Merluccius hubbsi)
Economics and Business
IdentifiersURN: urn:nbn:se:uu:diva-309827DOI: 10.1007/s10640-016-0038-yISI: 000387402700006OAI: oai:DiVA.org:uu-309827DiVA: diva2:1052958