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Strategic Harvesting of Age-Structured Populations
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Journal Article
Strategic Harvesting of Age-Structured Populations
2019
Overview
We study the strategic exploitation of an age-structured, common-property resource, where agents target different age classes. We present the first closed form solution for the optimal harvesting of an age-structured population, and we derive closed-form solutions for the Markov-perfect Nash equilibrium, thus extending the ‘second-generation fish war’ literature by studying a structured resource rather than a simple biomass setting. We derive conditions under which the different age classes are subject to overfishing in the non-cooperative setting, as harvest quantities are strictly higher than in the cooperative optimum, but also characterize conditions under which some age classes may be underfished.
Publisher
University of Chicago Press,The University of Chicago Press
Subject
