On uncertain renewable resource stocks: Optimal harvest policies and the value of stock surveys (Q1081518)
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English | On uncertain renewable resource stocks: Optimal harvest policies and the value of stock surveys |
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On uncertain renewable resource stocks: Optimal harvest policies and the value of stock surveys (English)
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1986
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Annual harvest quotas are commonly employed in the management of renewable resource stocks, commercial fisheries being a prime example. Such resource stocks often undergo quite significant natural fluctuations, to which quotas must be adapted. A further complication arises from the fact that estimates of stock abundance are often highly uncertain. In this paper a Bayesian approach is used to model optimal quota decisions for an uncertain, fluctuating, renewable resource stock.
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Annual harvest quotas
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management of renewable resource stocks
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Bayesian approach
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optimal quota decisions
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uncertain, fluctuating, renewable resource stock
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