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http://dx.doi.org/10.15266/KEREA.2019.28.2.277

Optimal Management of Mackerel in Korea: A Maximum Entropy Approach  

Park, Yunsun (Department of Agricultural Economics and Rural Development, College of Agriculture and Life Sciences, Seoul National University)
Kwon, Oh-Sang (Department of Agricultural Economics and Rural Development, College of Agriculture and Life Sciences, Seoul National University)
Publication Information
Environmental and Resource Economics Review / v.28, no.2, 2019 , pp. 277-306 More about this Journal
Abstract
Mackerel is one of the most widely consumed aquatic products in Korea. Concerns about the depletion of stocks have also arisen as the catch has decreased. The primary purpose of this study is to estimate the mackerel stock and derive the optimal level of catch in Korea. We apply a generalized maximum entropy econometric method to estimate the mackerel growth function, which does not require the steady state assumption. We incorporate a bootstrapping approach to derive the significance levels of parameter estimates. We found that the average ratio of catch to the estimated total stock was less than 30% before the 1990s but exceeded 40% in the 1990s. After 2000, it dropped back to about 36%. This finding indicates that mackerel may have been over-fished in the 1990s, but the government regulations introduced in the 2000s alleviated over-fishing problems. Nevertheless, our dynamic optimization analysis suggests that the total allowable catch may need to be carefully controlled to achieve socially optimal management of resources.
Keywords
Mackerel stock; Maximum Entropy; Bootstrapping; Optimal Control;
Citations & Related Records
Times Cited By KSCI : 1  (Citation Analysis)
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