An experimental analysis of optimal renewable resource management: The Fishery

John D. Hey; Tibor Neugebauer; Abdolkarim Sadrieh

doi:10.1007/s10640-009-9285-5

An experimental analysis of optimal renewable resource management: The Fishery

John D. Hey, Tibor Neugebauer, Abdolkarim Sadrieh

Economics

Research output: Contribution to journal › Article › peer-review

Abstract

This paper experimentally studies the extraction decisions of a sole owner in a fishery, the population dynamics of which behave according to the standard deterministic logistic growth model. Four treatments were implemented which differed in the level of information supplied to the subjects. Compared to the theoretic benchmark, the data reveal that efficiency losses increase as the information on population dynamics and stock size deteriorates. Three common patterns of behaviour are identified. The distribution of these patterns is significantly affected by the informational setting.

Original language	English
Pages (from-to)	263-285
Number of pages	23
Journal	Environmental and Resource Economics
Volume	44
Issue number	2
Early online date	9 May 2009
DOIs	https://doi.org/10.1007/s10640-009-9285-5
Publication status	Published - Oct 2009

Bibliographical note

M1 - 2

Keywords

Experimental economics
Renewable resources
Dynamic decision making
Decisions under risk and uncertainty
Misperceptions of feedback
DYNAMIC DECISION-MAKING
COMPLEX-SYSTEMS
MISPERCEPTIONS
FEEDBACK
TRAGEDY
COMMONS
POLICIES

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KW - Dynamic decision making

KW - Decisions under risk and uncertainty

KW - Misperceptions of feedback

KW - DYNAMIC DECISION-MAKING

KW - COMPLEX-SYSTEMS

KW - MISPERCEPTIONS

KW - FEEDBACK

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KW - COMMONS

KW - POLICIES

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JO - Environmental and Resource Economics

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An experimental analysis of optimal renewable resource management: The Fishery

Abstract

Bibliographical note

Keywords

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