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Optimal harvesting of fish stocks under a time-varying discount rate.

Abstract:

Optimal control theory has been extensively used to determine the optimal harvesting policy for renewable resources such as fish stocks. In such optimisations, it is common to maximise the discounted utility of harvesting over time, employing a constant time discount rate. However, evidence from human and animal behaviour suggests that we have evolved to employ discount rates which fall over time, often referred to as "hyperbolic discounting". This increases the weight on benefits in the dist...

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Publication status:
Published

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Publisher copy:
10.1016/j.jtbi.2010.10.002

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Institution:
University of Oxford
Department:
Oxford, MPLS, Engineering Science
Role:
Author
Journal:
Journal of theoretical biology
Volume:
269
Issue:
1
Pages:
166-173
Publication date:
2011-01-05
DOI:
EISSN:
1095-8541
ISSN:
0022-5193
URN:
uuid:ee1c0ae2-90ae-4d12-a2e9-c7b81d097073
Source identifiers:
90813
Local pid:
pubs:90813

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