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
TypeDocument de travail / Working paper
Series titleCahiers de la Chaire Finance et Développement Durable
MetadataShow full item record
Author(s)Sumaila, Ussif Rashid
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 () and Sumaila and Walters (). 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 (, ) 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 / KeywordsGenerations; Fish Stock Sustainability; Discount rate
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