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Regular version of the site

Article

Restoration of a Depleted Transboundary Fishery Subject to Climate Change: A Dynamic Investment Under Uncertainty with Information Updates

Environmental and Resource Economics. 2015. Vol. 61. No. 1. P. 19-35.
Golubtsov P., McKelvey R.

We model the evolution of a trans-boundary marine fishery, which is based on the harvesting of a single “highly-migratory” stock and is beginning to be impacted by regional oceanic-climate changes. The fish-stock’s range will be composed of a number of jurisdictional zones: namely, its intersection with the EEZ of each coastal country for which that intersection is non-trivial. There may also be a zone within international waters of the high seas. We also assume that management of the fishery is vested in a Regional Fishery Management Organization, whose members are countries that are “direct stakeholders” in the fishery—being either one of the above countries with jurisdictional authority in a zone or a country that has registered fishing vessels that are licensed to harvest in the fishery, or both.