Replenishable resource management under uncertainty: A reexamination of the U.S. Northern Fishery

This paper partially extends the replenishable resource management literature to the case of uncertainty. Stochastic resource dynamics are defined, studied and estimated. The results of this study suggest that the misallocation of resources into the northern lobster fishery has been greater than was previously believed. While aggregate stochastic influences are small in the lobster fishery, the dynamics of whales appear to be significantly affected by stochastic influences.