Abstract
This paper experimentally studies the extraction decisions of a sole owner in a fishery, the population dynamics of which behave according to the standard deterministic logistic growth model. Four treatments were implemented which differed in the level of information supplied to the subjects. Compared to the theoretic benchmark, the data reveal that efficiency losses increase as the information on population dynamics and stock size deteriorates. Three common patterns of behaviour are identified. The distribution of these patterns is significantly affected by the informational setting.
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Hey, J.D., Neugebauer, T. & Sadrieh, A. An Experimental Analysis of Optimal Renewable Resource Management: The Fishery. Environ Resource Econ 44, 263–285 (2009). https://doi.org/10.1007/s10640-009-9285-5
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DOI: https://doi.org/10.1007/s10640-009-9285-5