Panic-Based Overfishing in Transboundary Fisheries
研究了跨界渔业中双边捕捞协议的可持续性，发现一国收到负面资源评估可能引发恐慌，导致过度捕捞，并分析了信息不对称下的协议遵守条件与最优政策工具。
This paper analyses sustainability of bilateral harvesting agreements in transboundary fisheries. Harvesting countries obtain public and private assessments regarding their stock of fish, and the stock experiences ecological changes. In addition to biological uncertainty, countries may face strategic uncertainty. A country that receives negative assessments about the current level of fish stock, may become ‘pessimistic’ about the assessment of the other coastal state, and this can ignite ‘panic-based’ overfishing. The paper examines the likelihood of overfishing and suggests a unique prediction about the possibility of abiding by bilateral fishing agreements. Conditions under which the outcome of the asymmetric-information model reduces to the symmetric-information game are discussed, and optimal policy instruments for intergovernmental management of the stock are offered.