Optimal Feedback Controls: Comparative Evaluation of the Cod Fisheries in Denmark, Iceland, and Norway

12 Pages Posted: 21 Apr 2020

See all articles by Ragnar Arnason

Ragnar Arnason

University of Iceland

Leif K. Sandal

affiliation not provided to SSRN

Stein Ivar Steinshamn

Norwegian School of Economics (NHH) - Department of Business and Management Science

Niels Vestergaard

Department of Environmental and Business Economics, University of Southern Denmark

Date Written: May 2004

Abstract

The economic efficiencies of the Danish, Icelandic, and Norwegian cod fisheries are examined. For this purpose, nonlinear aggregate models of these fisheries are constructed. Comparing the calculated optimal harvest and biomass quantities with the actual fisheries provides a measure of the degree of efficiency in these fisheries. The comparisons confirm that the cod harvesting policies of these countries have been hugely inefficient in the past. It appears that inefficiency has been increasing over the last three to four decades, even after TAC regulations replaced open access, indicating that the management policies adopted by all three countries have failed to cure overfishing.

Keywords: comparative efficiency, dynamics, fisheries management, optimal feedback controls

Suggested Citation

Arnason, Ragnar and Sandal, Leif K. and Steinshamn, Stein Ivar and Vestergaard, Niels, Optimal Feedback Controls: Comparative Evaluation of the Cod Fisheries in Denmark, Iceland, and Norway (May 2004). American Journal of Agricultural Economics, Vol. 86, Issue 2, pp. 531-542, 2004, Available at SSRN: https://ssrn.com/abstract=3581093 or http://dx.doi.org/10.1111/j.0092-5853.2004.00597.x

Ragnar Arnason (Contact Author)

University of Iceland ( email )

Iceland

Leif K. Sandal

affiliation not provided to SSRN

No Address Available

Stein Ivar Steinshamn

Norwegian School of Economics (NHH) - Department of Business and Management Science ( email )

Helleveien 30
Bergen, NO-5045
Norway

Niels Vestergaard

Department of Environmental and Business Economics, University of Southern Denmark ( email )

6700 Esbjerg
Denmark

HOME PAGE: http://www.sdu.dk/staff/nv

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