Managing nature: the case of fisheries

Credit Value
2 credit

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Course will be taught online, with part of the audience at UBC and part at Paris-Dauphine. It is projected that available technology will allow 7 sessions to be held in-person at UBC, with the Dauphine audience attending remotely, and 7 sessions to be held in-person at Dauphine, with the UBC audience attending remotely. If technology fails, 12 sessions will be held remotely at both sides, and 2 sessions will be held, in-person and separately, at each site.

Part 1: Bioeconomics
This part will be taught by Rashid Sumaila

  1. Introduction to the oceans
    • Global warming, acidification, desoxygenation. Consequences on marine populations
    • The two sides of fisheries: catches and alimentation. North/South disequilibrium
  2. The Economics: Gordon-Schaefer model and beyond
    • The model, Allee effect, MSY
    • Economics: open vs. restricted access, the role of interest and discount rates
    • Managements instruments
      • Subsidies and taxes
      • Quotas, transferable or not
      • Marine protected areas
  3. Ecosystem models
    • Using ECOPATH and ECOSYM
    • Alternative models and complementarity: OSMOSE APECOSM ATLANTIS EWE viability: what are they used for? What is the complementarity?

Part 2: Beyond optimization
This part will be taught by Ivar Ekeland

  1. The concept of optimization
    • Individuals: utility function, expectations, time preference
    • Groups: Condorcet paradox, Pareto optimum
    • Groups: Nash equilibrium
  2. The economics of natural resources
    • The unitary model: Ramsey
    • Solving for optimality
      • Finding the equilibrium
      • Writing the HJB equation
      • Solving the HJB equation
    • Non-renewable resources
      • The Hotelling rule
      • The Hubbert curve
    • The economics of fisheries
      • The Gordon-Schaefer model as a particular case of the Ramsey model
      • The tipping point
    • Intergenerational equity part 1
      • The Chichilnisky criterion and time inconsistency
      • The intergenerational game and equilibrium Markov strategies
      • The HJB equation
      • Finding equilibrium strategies
    • Intergenerational equity part 2
      • The Sumaila-Walters criterion and time inconsistency
      • The HJB equation
      • Finding equilibrium strategies