Stochastic Bioeconomics: A Review of Basic Methods and Results
- 1 January 1984
- journal article
- review article
- Published by University of Chicago Press in Marine Resource Economics
- Vol. 1 (2) , 117-136
- https://doi.org/10.1086/mre.1.2.42628850
Abstract
Basic bioeconomic models which incorporate uncertainty are reviewed to show and compare the principal methods used and results reported in the literature. Beginning with a simple linear control model of stock uncertainty, we proceed to discuss more complex models which explicitly recognize risk preferences, firm and industry behavior, and market price effects. The effects of uncertainty on the results of bioeconomic analysis are rarely unambiguous, and in some instances differ little from corresponding deterministic results. This review is presented to enhance readers' appreciation of the papers to follow in this and the next issue of the journal.Keywords
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