Uncertainty in bioeconomic modelling

Abstract

This chapter reviews the large body of literature dealing with uncertainty in bioeconomic modelling of fisheries. The purpose is to provide an overview of some of the main developments in the field since its introduction in the early 1970s. We start by giving a detailed presentation of two fairly general stochastic bioeconomic models, one in continuous time and another in discrete time. These models serve as benchmarks for the other studies we discuss. This chapter then provides an overview of some of the achievements and issues that have been dealt with using stochastic bioeconomic models.