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| Author: | Moxnes, E. |
| Title: | Uncertain measurements of renewable resources: approximations, harvesting policies and value of accuracy |
| Journal: | Journal of Environmental Economics and Management
2003 : JAN, VOL. 45:1, p. 85-108 |
| Index terms: | ESTIMATION measurement renewable resources |
| Language: | eng |
| Abstract: | This paper discusses the management of renewable resources subject to measurement error. The method, stochastic optimization in policy space (SOPS), allows for more general solutions to problems that are not LQ than earlier attempts. Measurement errors are found to be more significant for quota policies than natural stochastic variation. Policies based simply on historical measurements are found to give higher expected values than policies based on advanced Kalman filter estimates. |
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