How to Improve the Management of Renewable Resources: The Case of Canada's Northern Cod Fishery
利用加拿大北部鳕鱼渔业数据，展示了一个简单的最优反馈规则如何用于确定可再生资源的最佳开发水平，发现该渔业长期被过度开发，并建议提前三年实施捕捞禁令。
Abstract The paper examines howan easy‐to‐apply optimal feedback rule can be used to solve for optimal levels of exploitation of a renewable resource. Using data from Canada's northern cod fishery, the optimal feedback rule is used to derive optimal levels of exploitation for the years 1962–91 under different discount rates, alternative model specifications, and parameter assumptions. The optimal feedback rule indicates that over much of the period the fishery was economically overexploited and, given the stock development that actually took place, a harvesting moratorium should have been instituted three years earlier than when it was introduced. The results show how the use of a simple and flexible optimal rule by managers of renewable resources can generate substantial gains.