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Fisheries Management and Intergenerational Equity

Sumaila, Ussif Rashid; Pareja, Claudio; Ekeland, Ivar (2009), Fisheries Management and Intergenerational Equity. https://basepub.dauphine.fr/handle/123456789/2268

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Type
Document de travail / Working paper
Date
2009
Publisher
Université Paris-Dauphine
Series title
Cahiers de la Chaire Finance et Développement Durable
Series number
17
Published in
Paris
Pages
26
Metadata
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Author(s)
Sumaila, Ussif Rashid

Pareja, Claudio

Ekeland, Ivar
CEntre de REcherches en MAthématiques de la DEcision [CEREMADE]
Abstract (EN)
We adapt the classical Schaefer model of fisheries management to take into account intergenerational equity, in the line of Sumaila ([18]) and Sumaila and Walters ([19]). The resulting discount rate then is non-constant, and the planner’s preferences are time inconsistent, so that optimal solutions are not implementable. In the line of Ekeland and Lazrak ([6], [7]) we define Markov subgame perfect equilibria of the underlying sequential game. We characterize equilibrium strategies by a simple relation, and we reach a robust conclusion, namely that, to take into account intergenerational equity, the rate of time preference, δ, should be replace by δ −n, where n is the rate of growth of the human population.
Subjects / Keywords
Generations; Fish Stock Sustainability; Discount rate
JEL
Q22 - Fishery; Aquaculture
Q5 - Environmental Economics