Skip to main content

Free Content A Quantitative Precautionary Approach

Download Article:
(PDF 124.8 kb)


I propose that precaution be introduced in exploitation of natural resources by means of a performance bond, which exploiters would be required to purchase, to be paid in case of collapse of the stock. The size of the penalty would not be determined solely on the basis of economic considerations but would be chosen to promote more precaution in exploitation. I perform calculations to show how such a requirement can discourage risky polices and reduce the impact of policies that are optimal under the system of penalties. The insurance premium for the performance bond would be responsive to various factors that influence the probability of collapse, including nonnormal distribution of process noise, critical depensation, possible catastrophes in recruitment or survival, and uncertainty about parameters of the stock-recruit relationship. Such a system of penalties may remove some of the vagueness that has plagued attempts to define and implement precautionary policies.

Document Type: Research Article

Publication date: March 1, 2002

More about this publication?
  • The Bulletin of Marine Science is dedicated to the dissemination of high quality research from the world's oceans. All aspects of marine science are treated by the Bulletin of Marine Science, including papers in marine biology, biological oceanography, fisheries, marine affairs, applied marine physics, marine geology and geophysics, marine and atmospheric chemistry, and meteorology and physical oceanography.
  • Editorial Board
  • Information for Authors
  • Subscribe to this Title
  • Terms & Conditions
  • Ingenta Connect is not responsible for the content or availability of external websites

Access Key

Free Content
Free content
New Content
New content
Open Access Content
Open access content
Partial Open Access Content
Partial Open access content
Subscribed Content
Subscribed content
Free Trial Content
Free trial content
Cookie Policy
Cookie Policy
Ingenta Connect website makes use of cookies so as to keep track of data that you have filled in. I am Happy with this Find out more