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dc.contributor.authorKvamsdal, Sturla F
dc.contributor.authorPoudel, Diwakar
dc.contributor.authorSandal, Leif Kristoffer
dc.date.accessioned2017-11-30T08:08:40Z
dc.date.available2017-11-30T08:08:40Z
dc.date.created2015-01-27T14:25:35Z
dc.date.issued2014
dc.identifier.citationEnvironmental and Resource Economics. 2014, 63 643-663.nb_NO
dc.identifier.issn0924-6460
dc.identifier.urihttp://hdl.handle.net/11250/2468585
dc.description.abstractWe analyze a continuous, nonlinear bioeconomic model to demonstrate how stochasticity in the growth of fish stocks affects the optimal exploitation policy when prices are stochastic, mean-reverting and possibly harvest dependent. Optimal exploitation has nonlinear responses to the price signal and should be conservative at low levels of biological stochasticity and aggressive at high levels. Price stochasticity induces conservative exploitation with little or no biological uncertainty, but has no strong effect when the biological uncertainty is larger. We further observe that resource exploitation should be conservative when the price reverts slowly to the mean. Simulations show that, in the long run, both the stock level and the exploitation rate are lower than in the deterministic solution. With a harvest-dependent price, the long-run price is higher in the stochastic system. The price mean reversion rate has no influence on the long-run solutions. Key words Feedback policy, fisheries management, Hamilton-Jacobi-Bellman approach, mean-reversion, stochastic optimization.nb_NO
dc.language.isoengnb_NO
dc.titleHarvesting in a Fishery with Stochastic Growth and a Mean-Reverting Pricenb_NO
dc.typeJournal articlenb_NO
dc.typePeer reviewednb_NO
dc.description.versionacceptedVersionnb_NO
dc.source.pagenumber643-663nb_NO
dc.source.volume63nb_NO
dc.source.journalEnvironmental and Resource Economicsnb_NO
dc.identifier.doi10.1007/s10640-014-9857-x
dc.identifier.cristin1208653
dc.relation.projectNorges forskningsråd: 216571nb_NO
cristin.unitcode191,10,0,0
cristin.unitnameInstitutt for foretaksøkonomi
cristin.ispublishedtrue
cristin.fulltextoriginal
cristin.qualitycode1


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