Estimating the Biological Growth Function of Korean Anchovy: A Maximum Entropy Approach

한국 연근해 멸치자원량 추정 - Maximum Entropy기법의 응용 -

One of the main issues in natural resource economics is estimating the amount of stock and the biological growth functions of renewable natural resources. Since the stock level is not directly observed the usual econometric approaches cannot be employed for this purpose. The maximum entropy approach has been suggested as a useful alternative to estimate the dynamic model of natural resource use. This study estimates the stock and the growth function of Korean anchovy using the data for yield and yield efforts. The results show that the current level of anchovy yield exceeds its maximum sustainable yield, which implies that the stock will decrease substantially over time.