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A bridge between continuous and discrete-time bioeconomic models: Seasonality in fisheries

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Kvamsdal, Sturla and Maroto Fernández, José María and Morán Cabré, Manuel and Sandal, Leif K. (2017) A bridge between continuous and discrete-time bioeconomic models: Seasonality in fisheries. Ecological Modelling, 364 . pp. 124-131. ISSN 0304-3800

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Official URL: https://doi.org/10.1016/j.ecolmodel.2017.09.020



Abstract

Wedevelopadiscretizationmethodto construct adiscretefinite-time bioeconomicmodel, corresponding to bioeconomic models with continuous-time growth function, but allowing the analysis of seasonality in fisheries. The discretization method consists ofthree steps: first, we estimate a proper growth function for the continuous-time model with the Ensemble Kalman Filter. Second, we use the Runge-Kutta method to discretize the growth function. Third, we use the Bellman approach to analyze the optimal management of seasonal fisheries in a discrete-time setting. We analyze both the case of quarterly harvest and the case of monthly harvest, and we compare these cases with the case of annual harvest. We find that seasonal harvesting is a win–win optimal solution that provides higher harvest, higher optimal steady state equilibrium, and higher economic value than annual harvesting. We also demonstrate that the discretization method overcomes the errors and preserves the strengths of both continuous and discretetime bioeconomic models.


Item Type:Article
Uncontrolled Keywords:Bioeconomic modelling; Seasonal fisheries; Sustainable management of resources; Discrete-time dynamic optimization; Kalman filter; Runge-Kutta method.
Subjects:Medical sciences > Biology > Ecology
Medical sciences > Biology > Environment
Social sciences > Economics > Commerce
ID Code:57781
Deposited On:15 Nov 2019 13:05
Last Modified:18 Nov 2019 08:40

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