Tuesday, April 06, 2010
Open fishery game
This isn't an assignment, just something to play with if you're interested. A few questions to think about:
What happens to a company that doesn't buy boats as quickly as possible but rather waits?
Are there any signals that the fishery is being depleted? If a company knows the fishery is nearing depletion, is it better to accelerate harvest or slow down? From an individual company's perspective, is it ever better to not send a boat to fish?
From a purely profit-based motive, how would you identify the best strategy for a company? How would this strategy be dependent on the strategies of other companies?
Think about how you would design rules for a fishery to prevent depletion. We'll be looking at policies and incentives for fishery management in more detail later.
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