A qualitative dynamical modelling approach to capital accumulation in unregulated fisheries

DOI10.1016/J.JEDC.2005.08.004MaRDI QIDQ959698zbMATH OpenOpenAlexWikidataFDO

Authors J. P. Kropp, Klaus Eisenack, Heinz Welsch

Publication date 12 December 2008

Published in Journal of Economic Dynamics and Control (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/cs/0202004

zbMATH Keywords

bio-economic modelenvironmental managementfishery managementoptimal controlqualitative reasoning

Mathematics Subject Classification ID

Qualitative investigation and simulation of ordinary differential equation models (34C60) Applications of optimal control and differential games (49N90) Economic growth models (91B62) Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76)

Abstract: Capital accumulation has been a major issue in fisheries economics over the last two decades, whereby the interaction of the fish and capital stocks were of particular interest. Because bio-economic systems are intrinsically complex, previous efforts in this field have relied on a variety of simplifying assumptions. The model presented here relaxes some of these simplifications. Problems of tractability are surmounted by using the methodology of qualitative differential equations (QDE). The theory of QDEs takes into account that scientific knowledge about particular fisheries is usually limited, and facilitates an analysis of the global dynamics of systems with more than two ordinary differential equations. The model is able to trace the evolution of capital and fish stock in good agreement with observed patterns, and shows that over-capitalization is unavoidable in unregulated fisheries.

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Cited in

(4)

• Open access fisheries utilization with an endogenous regulatory structure: An expanded analysis
• Optimal capital accumulation in a fishery: A nonlinear irreversible investment model
• Transient and asymptotic dynamics of a bioeconomic fishery model with market price fluctuation and effort capacity constraints
• Revenue-based capacity utilisation measures and decomposition: the case of Danish North Sea trawlers

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